I would not do it, but I have a low tolerance for waiting in traffic, and do everything I can to avoid rush hour.

It all depends on where you are buying, your risk tolerance, how much leverage you want to use etc.In some areas, $20k, can buy you 40 homes in cash.

Depending on the size of the deal, your risk tolerance, and your experience, may be worth it for you to forego an attorney.

Physical pain is much more tolerable when you are younger.  

Everyone has different risk tolerances; in my market I could lose a deal by trying to get contractors access and waiting for bids to come back.

Depending on your risk tolerance and skill level you may chose to:- Not cash out refinance as much to leave more cash flow or margin of error so your property still cash flows with enough to cover during rainy day (med risk - med leverage) ,- Refinance just enough to payoff the prior investor (least risk/lower leverage)- Or cash out as much as you can till the point your monthly cash flow is lower or near break even (max risk/max leverage), but ideally you bought so low that even if you get out the most allowable by conventional guidelines you'll still be cash flow positive each monthThe good part is the leverage were discussing is a 30 year fixed (if using agency financing) and predictable so you can focus on other variables.Good Luck~

Might not have any repercussions or you might go to jail, decide your risk tolerance

The spreads still seem reasonable if you can tolerate the days on the market as @David T. notes.

So whether or not it is best seems to depend heavily on the purpose of the raise, whether or not one has sufficient capital from their Regulation D placements for their projects, and one's tolerance for legal risk.

My wife seems to have higher tolerance - she has about 150 students in the school now and it works great for her.