I used that method and have explained it in more detail in other threads or in a book.Moment number two – as a broker, I began doing real estate syndications and raising money.

They are saying your request is cancelled and you owe us $80.Now I'm concerned about the legality of the document and if I'm obligated to pay more than the deposit in this condition when I eventually agreed to move in on the decided move in date.I'm ok paying them to avoid the situation of them reporting me to any Credit bureaus for $80 but I'm curious about the legality of the document.

In response to your question about a purchase with an initial cap of ~5% equating to a great long term investment - equity growth potential is certainly part of it, but I’d argue that the propensity for consistently increasing rental rates and the stability of the overall rental market are an even bigger piece of that puzzle.I can’t really give you a definitive opinion on your specific situation without knowing more about the current make-up of your portfolio or your goals for passive income.With that said,  there are absolutely  methods to reposition equity in high growth potential properties to more income-centric opportunities within our market. 

I have found uncomfortable to be much more lucrative Pick a listFSBOTax Delinquent NOD ProbateNOOEtc...Pick a method to find themOnlineDrive for dollarsDoor knocking Listsource Referral PPCEtc...Get in touchDirect mail(100s of different type)Email Cold call Door knocking Etc...Best of luck!

Are there safety concerns with only one eggress from the third floor?

and to understand how they fit together in your toolbox, as none will give you everything (e.g, insurance is required and it will cover you for many situations, but not always; asset protection (LLC) is litigation insurance and complements regular insurance, by minimizing the target and making it unappealing).If you are a new investor, probably you will not have a lot of assets and/or equity to worry about (but even that is relative and subjective to each person tolerance to risk) so I would not worry about that till you pass that risk threshold (in my opinion 100K+ in equity, maybe 50K if you are really risk adverse) and you should be primarily concerned with finding good deals and growing your business first.

Prudent leverage is way down on the list of concerns for many investors.On the flip side of the coin, I've heard a good quote about owning properties free and clear. 

If you have concerns about the heard mentality and its impacts on the economy I'd look at the valuations of the FANG stocks and potential localized impact they could have a RE market.5.

Any thoughts and advice on using this method would be great!

Saving money is the easiest method to get started on your own.Money makes money.