I got more worried and found a blog post of a very similar situation where people were VERY against this practice and that it was more dangerous than even the previous wiring methods.

I think it can be a pretty dangerous road to buy highly priced properties in marginal areas.

I am not an expert in this area, but I thinks that sounds fair in a distinct future ..

I look at this whole process and compartmentalize it, wanting to know the most dangerous errors in each step as I take them.If you are someone with experience locally and dealt with someone that worked out great for you, assuming it is not against forum rules, I'd appreciate references as well.Thank you again guys/gals!

The electrical panel is recalled federal pacific and is deemed dangerous.

I can show my calculations on the hundreds of thousands of dollars I expect to profit but show the delay in cash flow and the novice will look at someone else's calculation of how they will get $200 a month (hopefully) and they jump on the cash flow either because they are poor investors that are not educated on the difference between cash faux and profit OR they are poor investors that need that $200 to pay next months  cable bill.Other than this distinction, Seth, can you elaborate on any other valid differences?

., my little crystal ball shows that one distinct possibility is 3% to 5% down, FHA or FNMA, live in it for at least a year while saving up your 3% to 5% down on the next one & improving the place you are living, convert the improved departing residence into a rental, rinse and repeat. 

Sad to see it go but can easily see the danger it presented.

I understand those are normal terms for buy and hold on investment property.you must have a very good relationship with that bank... not one that many could match would be my guess.If another person had done this with traditional HML it would have been about a break even is my guess.... you have a distinct advantage over many with your cost of capital and your ability to fund stuff out of pocket..  

And Eastie is dangerous...so much hype there, its easy to overpay