Here in Colorado, I sit on the boards of two HOAs. 

I am sitting on a 1/2 acre lot in East Memphis and can't wait until my tenant moves out in 1 month!

@Arif Sealey I haven't used them, but one of the reasons I've considered it is you don't have to have a vacant dwelling insurance policy if it is rented out, which can save some serious insurance premiums if you think you might have to sit on it for a few months. 

If they say one after month close, consider this...they collect your rent for an entire month and it sits in their bank accounts collecting interest all month before you have access to it.Another thing I would ask is are you able to do some things a la carté.

Sometimes you just have to suck it up and sit on the sidelines for a while.I worked around it by partnering with some folks and we use their credit and income to buy houses and my skill set and some of my cash. 

They flip and/or wholesale a few houses, get a show, shamelessly self promote themselves, then pimp their name out, sit back and collect massive fees.

Cash is far too valuable to leave it sitting to save todays low interest rates.At present based, on the value of cash for additional investments, your 85K equity is costing you a loss of $355/month over having a 5% mortgage.  

The great deals don't sit for long, hence, why I want to learn to to lock them up.

Do your analysis thoroughly, make sure it's cash flow positive with conservative numbers, double-check your math but if all that checks out, don't sit on the sidelines.

Sit down with a blank sheet of paper and think about all the mistakes that you made and what you need to do better next time.