Once the house was complete then you could take title to the EAT to complete your exchange. 

I generally haven't found that it makes a lot of sense to do refis in today's markets on small amounts of equity, say under $50k because your loan & closing costs eat a significant amount of the proceeds.

. $31k gross per year and $2500 in savings is not a whole lot of money, but if you live at home and eat your parent's food or in your van and only buy Ramen noodles, it can go a long way towards being a suitable down payment on a property and providing enough safety cushion to pay your bills (since you don't have any in this example). $31k gross per year and $2500 in savings is nothing if you have a $400 car and $600 rent payment and have to buy your own food.

Would someone please explain to me why you’re eating less frozen dinners and cereal?

I have seen buyers offering higher prices knowing the property won't appraise for their offer so they then negotiate to the appraisal amount and the seller eats the loss.

It's not a chicken and egg situation either way, you have to do both simultaneously.

They are generally not great for real estate investors since the rate and fees can eat up all your profit.

Just don't eat any fish you catch that are near the refinery.

Not only do I love real estate, but I also love to golf, watch sports, exercise, get outside with my dog, and grab a bite to eat at local dives. 

Just don't put all your eggs in one basket.