That same $40k was only making us $2 a month sitting in our savings account.

and if so, what kind of hurdles should I account for in planning my strategy?

Hi Account Closed, when you say you looked in Detroit, did you visit?

Accounting practices say the value of an item is its value at purchase until you are selling.

Thanks Account Closed! 

The Qualified Exchange account set up - between you and the bank and QI.When the mechanism is applied this way you neither sell or buy property officially - you "exchange" with your QI. 

Account Closed thank you!

For me, it was a 5 year repayment (each paycheck), with 5% interest back to my account.

It might be possible to 'take over' seller's account, but that can get very messy and is probably against AirBNB's rules.What I did when we bought an AirBNB unit: at the top of the listing was a line that said the the unit was under new ownership as of month/year, and to check out all of the great reviews at <link to old listing> and that nothing has changed. 

So, with the $72,000 you received from refinancing you would have a profit of $47,000 after taking into account the $10,000 you put down on the first house and the $15,000 in rehab.