If the properties are in Los Angeles, Exit all of them immediately and let someone overpay in the current LA market, Then purchase an apartment complex at the Institutional grade that will deliver you a couple of million a year in cash flow.When I worked in Private Equity and a new client showed up with over 20 million worth of debt free real estate spread out over 15 or more properties, It always surprised me that consolidation into one asset never came to mind.   

Are there lenders out there that will loan with low/no Season period or am I at the will of the institution here??

Example: $90,000 in total debt on $100,000 in total real estate portfolio equals 90% debt to assets ratio.From my experience talking with REIT wholesalers, 70% is considered the maximum prudent leverage in the institutional space, while 50% is generally considered prudent leverage.

It’s mainly due to abundant cash infusion from private, hard, local & institutional lenders.

Standard etc Too remember an episode on BP advising on ACH payment set up through various renting apps or bank institutions for tenants

Research from the the University of Florida, Institute of Food and Agricultural Sciences Florida Medical Entomology Laboratory showed that biting midge populations were reduced in test areas of Vero Beach and Boynton Beach, FL, and Castaway Cay, Bahamas.

What institutions are giving these rates usually?

Cleveland has world-class: orchestra, theater, museums, heath-care ( Cleveland Clinic and University Hospitals ), top-ranked universities/colleges (Case Western Reserve, Cleveland Institute of Art), multiple Fortune 500 companies.

I'm guessing this is the thought process of institutional investors and also other investors who don't need immediate cashflow. 

Recession resistant asset class (people downsize, move in together, move back home, etc. during recessions)Cash flowing asset (not dependent on market appreciation)People buy a lot of crap and toys during good economic times (and need a place to put it)75% of the facilities in the country are owned by non-institutional owners (opportunity for adding value)Small ($10-30) rental increases create large increases in NOI and property valuationSticky tenant baseUnits are easy to maintain (brick and metal, no amenities, little landscaping)Location, population growth, and barriers to entry matter.