If the borrower is vacating a residence that will remain occupied by a co-borrower, the borrower is permitted to obtain another FHA insured mortgage.

Just totally guessing on your numbers but I would say that if you don't re-invest the money and get at least 20%+ ROI then overall you would remain cash flow negative.2.  

Will a 20 percent equity position be enough cushion to remain competitive and successful?

I can't quite remember, but I think he took the position that he could find the people behind the entities, even if they were trying to remain anonymous.

Just to say that you've never done it, inventory is getting thinner, competition for remaining flip deals is higher, margins thinner, and you're not paying cash to get a great deal - but you're also not putting your partner's money and credit at risk?

Does the house remain in the owners name or does the title or deed get transfered to my name.

Hence, they remain relatively flat in price.  

Because the remaining 20% to get from the tenant is very questionable.

So this post is not for those who oppose this method.My question is when I have an item that is not fully depreciated but becomes obsolete (broken microwave) I have done a journal entry to move the remaining depreciation of the item into a repairs expense account.Do you feel that is the correct procedure?

It may need done depending on the length of time and frequency they smoked, and what all they smoked which will remain unknown.