Hey Travis, I close a number of these for clients, usually more common on properties that were wrecked by previous tenants and they want to use existing equity to help repair the damages.We would classify it as a 'Refi-rehab' that would include a direct 'cash out' portion as well as a rehab escrow to reimburse you after you finish the repairs.

Not a one time close .

AppFolio is probably the best choice in PM software right now.

We're seeking a 2-family house with parking for at least one vehicle and close to public transportation.

I am UC on a NC in home built in 1948 - closing in a few days.

I don't know if the Orlando area is a good choice since there are tons of STR homes already there.

I'm not sure about Houston but make sure you find a great agent who's focused in your area. call agents who list new construction or who closed land purchases and represented people. on my closed transaction list and active listings it's land on the buy side and new construction homes on the sell side. make a spreadsheet, email and call every single one, have 10-15 conversations, meet with 3, pick 1. sales funnel. 

With about 100k to put  down, I don't think I can be anywhere close to cash flow break even (at least not in any market that is driving distance from the Metro DC area). 

@Ben Lin, The two part reinvestment requirement is that in order to defer all tax you must purchase at least as much as your net sale (contract price minus closing costs and commissions). 

I know that, overwhelmingly, it's what you fill your head with that counts, it's the day-to-day actions you take, it's the spouse you marry, it's the systematic choices you make, and perhaps most importantly, the personal hypocrisy you don't allow yourself to get away with.