And over two years you pay the remaining $280,000 off, meaning over $10k/month you send to builder?  

Cons: Property 1 has strong expected IRROption 2) Sell property 1 to pay off a construction loan on property 5 and purchase new SFR -- Pros: Improves cash flow by $1,000 / month, Adds $40k cash to bank account (after $30k loan repayment and $40k SFR purchase). 

However, we hope the, let’s call it the rebuilding stage, will level off here soon.

All the tenants have been very good so far, and one recently asked me if they could set up a few patio chairs in the backyard.

The home has had many renovations done as far as flooring and kitchen, but the Main Bedroom and Bathroom is unfinished and the home is in Foreclosure.

There is a scenario where I can see living off refi's: late retirement.

Also not all spouses tell the other whats up and the letters set off world war 3.AS an active courthouse step buyer..

As a matter of fact, I just bought a triplex off of the MLS that is cash flow positive and will have about $75K in equity when I'm done with rehab.

Since you bought this for $5k less than the appraised value, I don't think there would be a big enough jump in adding value where you can do a cash-out refinance, and you would likely be bringing money to the table to pay off the HELOC with a standard refinance. 

Bottom line, really do your homework before you buy an Orlando condo (but don't necessarily write off all condos in our market).