Personally, I'd say no to this because the more "high-end" properties tend to take longer to sell and that time can really eat up your profits.

You can not eat or live off equity.  

Closing costs and taxes will eat up most of that.

Tenant likely had the emergency heat running, which eats electricity alive.

If you can camp for free in your parent's basement for a year and eat Ramen noodles, you might not need that much, freeing up more for investing.

I use $250 per month minimum, which is 30,000 over ten years, because I know that one blown heating unit, a foundation leak, a new roof, or new egress windows to meet code will eat up the CapEx even for a small multi-unit.It's great you are running numbers. 

See, you can have your cake and eat it too :)

Welcome to REI I suggest read books, or eat them up as audio, my favorite to do.recommended books I taken in are:Rich Dad Poor DadMillionaire Real Estate AgentMillionaire Real Estate Investor10x Rule4 hour work weekThe E myth for Real Estate Investingand all the podcast you can breath into from BP.go and like the entrepreneur.com page on facebook also success magazine and read articles daily they post, usually are 5 to 10 minutes read.good luck, #keepthehustle #lifeisworthliving #notdreamingitsreality 

It is not true, a contract signed by both parties is valid even if the seller doesnt get a copy right away, or if his dog eats it.We have signed contracts many times and then mailed copies to other party.You could sign a copy, scan it on you phone, then email it to him right away. 

If you are investing from a distance that turnover will eat into your returns if you have a property manager that charges to release a unit.