NOI reflects how much money the property makes before debt (or how much it generates to cover debt). 

I wondered when President Reagan turned us from a Creditor Nation, into a Debtor Nation...what is going on?

Most investors will obtain new debt or financing for the purchase of their replacement property (you could pay all cash for the property if you wish).  

So I did receive some clarification from the SBA, I was advised you can't refinance debt or pay off mortgages with the EDIL. 

During this time keep researching how to do a house-hack with a duplex, but delay a purchase until you get rid of the debt. Or

Lenders and others who have been waiting to regain control of their properties instead of carrying debt or partial debt are now moving faster to regain properties before any political change might stop foreclosures across the board again. 

I'd suggest a blended approach maybe to further shore up your security.First take a look at those properties and identify the one (not your residences) that either have higher debt or are under producing what you think you could get with a different structure. 

Account Closed A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).

2) Have you seen a relationship between vacancy rate and concessions, loss to lease, bad debt or are they not highly correlated?

Using an exchange you have to reinvest all proceeds and replace debt or will pay what is called mortgage boot.