How much leverage?

[Justin W.]

There are similar questions all over the forums, but I'd like other's perspectives if anyone is interested in sharing.  I've been acquiring buy and hold properties for a little over 3 years now.  I've always been interested in rental properties but never pulled the trigger.  My company ended up moving headquarters and I was asked to relocate.  My family decided not to relocate because of deep family roots in our area. This pushed me into action.  I've been commuting for 3 years as I've tried to accelerate buying properties.  I come at this from a little different angle that many people on here.  I've had the fortune of a great corporate job in IT for 17 years but am tired of corporate america.  Previously, all of my investing was in the market and cash.  I now have 16 residential units and one commercial unit.  4 of my residential (plus my home mortgage) units and the commercial building are paid off.  At this point I've been trying to pay down properties for cash flow in order to have an option to quit my full time job.  I'm getting close.  Now I'm thinking on the decision to continue to buy more properties or just pay down the ones they have.  I've always been risk tolerant generally speaking but always very debt adverse.  I'm curious as to how others come to a number they feel like they are comfortable with in terms of leverage.  To this point my personal stance had been don't borrow more than I could pay off with other investments or 401k in an emergency.  Lately, I've been considering going a bit higher with the leverage.  Would love to here from others, especially any attorneys / accountants as to where the risk lies in going higher. Is the risk basically attached to individual properties?  In other words, if things went south for a property, is worse case scenario you lose that property?  Thanks guys.. looking forward to input from others.