The other factor is: what would Lenders APPRAISE it at?

Most of the jobs are tied to a large factory, the school system, etc.Property SHOULD be worth at least $300k after rehab is finished.My thought was to refinance, pull cash out to pay off the $50k line of credit, and recover as much of the down payment as possible.Am I spreading myself too thin, trying to pull financing together?

It is clear that the presence of all of these factors would compel the conclusion that a sale has occurred; moreover, since a single factor is not controlling, the absence of any of them would not compel the conclusion that a sale had not occurred.

We don't know the area but my wife has accepted a position at Baptist East so that location might be a factor. I

I think the most important factor is the length of time between an observable supply shortage and new supply coming onto market. 

Because of this factor I was forced to go through hard money lenders and that situation didn't work in my favor.

The big key factor is buying right no matter what type of property you look at.

A big factor is your level of Spanish, some areas are 90% Hispanic ! 

The final factor is condition.

A bigger factor is the cost in Duluth, which needs to be factored in to your buy and hold numbers.