I have limited land development experience -- a couple of boundary line adjstments and a short plat.  

It's a start but theres no limit for me on where I would like to invest.

It seems that some buyers might like having a condo with open spaces that are limited common areas they can call their own.

Even had to check a special box on the return indicating that it was a "related party" 1031, and I thought that of itself might attract a little additional scrutiny, but now that we are past the 6 year statue of limitations, that's no longer really an issue either. 

I am talking about spendable cash and limiting exposure to tenants and cap ex. 

Already have 2 house under the belt, so debt to income is already over 50%, how would I go about refinancing this home if I'm already reach my limit in debt to income ratio?

As was mentioned earlier by Jiri, if you bought ... let's say in Morrisville or West Cary 2 years ago, you could have built enough appreciation by now, to allow you to have more buying power. 

But there are some limitations on over deduction of expenses too. 

Most say they do but later realize they don’t or have done limited 203ks in past 5 years.

It seems foolish to do something like this but where else can I get cash Flow; I understand appreciation is probably good no to be limited to none.