now if you could get a seller to be the bank I get that you could smoke and mirror those deals.. but i would think those would be picked over low value or properties in the worst areas of town etc..   

He scaled with quality, going full-on luxury top-shelf.

I find the savings from not needing to add chlorine is instead spent on chlorinators.I would not use salt for an only a spa because the chlorine use is so low.  

It depends on your financial strength, the quality of the property, how many properties you own, etc.I like to start with one significant expense and three months of vacancy.

As a builder, I target about 15-20% profit per build ($500k-800k price range, low-mid in my area).

The exchange must also be for like kind and quality.

Eastmoor and whitehall are good too because of newer home ages after 1940 where you don't have knob and tube wiring and some of the other issues. don't be afraid to look at new construction or ground up new builds closer to downtown. rentals are overpriced in these areas but build costs are low and it can be a good strategy 

If he must attempt to get the low interest rates of 2021 on this deal, I suggest that he instead look for assumable loans.

I don’t want the property to appraise low and not have enough money to get when I cash out.

There is no stock account that gives the leverage real estate does, at as low interest rate real estate does, at as low risk/ volatility real estate does.