To be frank, if Engelo p'd me off or did anything nefarious I'd be the 1st one to tell him to eat it and I think he knows that. ....But I've got to state the obvious here.

Anyone who backs out of the deal last second should be forced to eat vegemite 

Of course one thing you don't have to worry about with arbitrage is capital expenses and maintenance, which can eat up the profit quickly. 

For $30k it is going to be tough to find a lender for that low amount as underwriting will eat up 10% of that amount.

@James Wise Happy to see that you gotta eat S%#@ sometimes hahaHave you learnt to like the flavor mate?

Less expenses: Stop going out to eat so much, trade your car for a cheaper one, sell the $5000 golf clubs for $1000 ones, 1 vacation a year instead of 2 or 3 a year because "I deserve it", cut the grass yourself.I am being a little silly, but seriously get on a budget and see what you need to do to cut expenses or where you can work a little harder.

My question that I would like one to consider is this: Should I target a property that slightly cash flows with a 30 year fixed, or buy a home with a better rate 15 year fixed and target fast accumulating equity and a big fat cash flow egg that will be gifted to me in 15 years?

Take a “break even” sale before interest, utilities, taxes, insurance eat you up?

It's like trying to answer "How many calories should I eat?".   

Wish you could play nice and give them a 60 day notice, but you'll end up eating two months of rent instead of one.