I know equity stripping techniques have already been discussed in a much more formal context. 

Again, if you are buying this as a foreclosure, then this would pertain but if this is a standard transaction and not from a formal foreclosure preceding then it should have no part of the contract.Here is the NC State Article concerning the sale of property (see page 15 in subsection .22).Here is also a link to the results page from searching "10 day upset clause" in google.

@Joe Prillaman we are using iGMS (formally AirGMS).

Any formal advertising and/or document will never refer to it as a "payment."

@Deviare Harris- thanks - I am in Seattle area - if you think you will be able to use  traditonal  financing - I would recommend  getting in contact with some lenders and  get formally  pre approved as one of your  first  steps 

We have found our first 3 on the MLS, and through the relationships our realtor has formed we now hear about some properties before they are formally listed.We have yearly tax auctions and have looked at those, but so far nothing has sold for a low enough price for the condition.  

In fact, many formal quotes usually have these details listed within the proposal itself.

You risk alienating everyone here honestly.The heloc option might be a good one, and you could consider a formal arrangement with your wife where you build up your equity over time in the new place, or maybe you create a will and equalize things with survivor benefits and various beneficiaries.what happens to your equity in the house if you die first, which is likely ?

The IRS formally recognized them as 1031 compliant in rev proc 2004-86. 

That would beat S&P number for sure especially if we can get rate below 5% (4.75%-5.25% mortgage rate is good enough for me).I guess this is the way gov. is pushing to formalize househacking LOL.