But there are about $1600 worth of deposits acknowledged on the estoppels.

This Contract Payment is NOT A SECURITY DEPOSIT. _____________ Lessee’s Initial."

Some banks will include it in your DTI prior to the 1yr mark w/ proof of lease agreement and deposits. 

Developer says we can put a refundable deposit down. 

Here's what I'm thinking:  1)  Find a buyer (already have someone interested) and complete an assignment contract and have them give us a deposit - making sure they have sufficient POF.  2)  Ask escrow to add the new buyer to the contract.  3) Have the new buyer wire the funds to close escrow. 4) Record a grant deed from our company to the new buyer in exchange for the balance of the assignment fee. 

The quality did not match what I saw in most of the online pictures from all of the companies  I visited when I flew out there.

my goal is to buy right units to match my salary so, I can focus on this full time.I'm ok driving down every week to manage the properties if I have too, its better than commuting to a job you hate working for people you despise. =)

But your contract with a $10 earnest money deposit, backed by zero intent and willingness to close, does not create a real equitable interest, it creates the form of one so that you can try to evade the licensing laws.  

You'll have to paint and make other upgrades and repairs when each tenant moves out, not all of it will be covered by (or applicable to) the security deposit.

This Contract Payment is NOT A SECURITY DEPOSIT. _____________ Lessee’s Initial.8.