Your proposed expense do not include repairs/reserves for those.  

I do think I could step in, in case of default, since i have other reserves, but lord I think I have to run through all this with my lawyer.

(CapEx, reserves, maintenance, snow removal, trash, vacancy...)

Could some one confirm these information or provide more about how to sell the sub2 house?

Also based on rent and purchase prices alone, I would say that these are C class properties at best, so you will have issues with maintenance and problem tenants, so be sure to have good emergency reserves on hand.

You could possibly mitigate that risk by reaching out to the HUD manager (contact info is in the HUD disclosure forms) and talking to them in advance about their willingness to allow assignments of the contract.So, yes you can, but you really need to know what you're doing, and I wouldn't recommend it, if you don't have some cash reserves. 

It may go that way if your partner qualifies for the whole thing on their own, reserve assets, tax returns and management. 

Your mtg payment, insurance, maintenance and vacancy reserves are only the tip of the iceberg.

Your cash reserves, and more.

Also, did you speak with a lender to confirm that said you can cash-out refi at 80% LTV (as your report shows)?