This way, given our market, we should be able to churn 4 or so deals a year while maintaining nearly the same stating capital of $100k after each re-fi.

You have hit the ground running and you have been able maintain solid momentum.  

If you want to "guarantee" that you acquire the property you can always participate in the auction and become the highest bidder so you can maintain ownership.

Everybody should maintain at least 10% liquidity, especially in this economy.

I follow inventory and the Virginia suburbs are maintaining at about one-third of peak.

This is what I have in my lease agreement:"Tenant will be prepared for quarterly house inspections which will occur at three month intervals, and for such inspections Tenant shall have house in good clean condition, organized in such a manner that Landlord may inspect all important aspects of house, in order to maintain the health, safety, and welfare, of Tenant, and property.

It's not as liquid, therefore not as volatile, as stocks and bonds, and I have much more control as to how the asset is used and maintained.

Provide and maintain the following items in a rental premises in good and safe working condition, if provided on the premises at the time the rental agreement is entered into: Heating, ventilating, and air conditioning systems.

Who maintains the asset when the homowner has walked away?

. :-) I went today for the maintainance check, and the apartment is clean, in good condition.