Also, if you have the ability to convert it to a form of self directed you could invest in other instruments such as private mortgage.

It's a game of gambling and musical chairs.

My mortgage + Principal + Insurance + Taxes & Condo fees = $2,144.62 ($1,719.62 + $425 = $2,144.62).The condo which is currently rented for $2750/month, so I make around $605.38 per month.I am evaluating the possibility  of refinancing (Or using other type of financial instrument) to buy another investment property.Is there any advice that you can provide in terms of using a financial instrument to buy another property?

@Ashley Brun,I recommend @Jeff CopelandJeff has been instrumental in building our portfolio. 

My question is, when is the music going to stop?  

I'm interested in debt instruments and how I can be a fat cat too ;)Please advise.

These days, you can't stay on BP for more than 5 minutes without seeing a thread about investing OOS in Memphis...It is absolutely becoming the new Las Vegas, in my opinion...When the music stops, and it will and it always does, Memphis will be a ton of OOS investors competing for limited numbers of tenants....

Professors might be good long term tenants if they are in music, art, math, IT, or anything other than law or poli-sci.

One thing that I have done is to listen to the podcasts in the car instead of listening to music.

So much time we waste by listening to music.