ARV: $165,000 - $170,000 (unit above is mirror image and sold for $170 a few years ago)Purchase price: $130,000 (REO)Repair est: $5k (contractor coming in on Monday to give quote)Anticipated rent $1,500 / mo (already have someone interested in the place and will likely move in as soon as renos are completed, so will not need to carry it more than a month) P&I at 4.375% and 25% down: $487escrow: $200/moHOA: $75/momisc expenses: $100/moNetting the above gives me $638/mo cash flow, which is $7,658 annually and 23% return on cash. 

Otherwise your carrying around 16 debit cards.

I needed to publicly humiliate myself so I don't get carried away again.  ;-)Carry on,Randy

Remember to factor in carrying costs such as utilities, taxes, agent fees, etc. 

I carry high personal liability limits on our cars and properties that are in my personal name.

IMHO, the draw of being able to get cash out by carrying properties in your name, is not worth the risk.  

Also, bridge loans would be a loan product that most small banks carry that will allow you to roll multiple homes under 1 loan.

It would likely take some creative financing structures (hard money, private money, seller carry back financing, etc.) in order to temporarily financing the purchase of your replacement property through a Reverse 1031 Exchange transaction.  

I feel as though we've got the market figured out and feel we could duplicate our approach in a second property down there.However, carrying costs aside, I'm concerned about having too many eggs in one basket along the coast. 

By taking 11 months you went over budget and your carrying costs killed the deal.