I realize that, if true,  this is governed by state law rather than federal statutes, and therefore there will be fifty different answers. 

The same will hold true in any market you examine I am just using my own market to drive home this point. 

@Jack Lee your probably analyzing properties incorrectly.You’re probably thinking you have to offer asking price – not true!

You must factor in the closing costs of the 2nd refinance as well to see any true savings. 

As for the "Lazy 1031 exchange" reference, a true 1031 exchange allows you to defer capital gains taxes by reinvesting proceeds from the sale into another similar property, but that doesn’t seem to apply here since you're looking at using a passive loss instead of a like-kind exchange.

Is this true?

This will narrow your shopping area then you can hunt for the deals. 

As realtor/investor who specializes in working with investors, I can be your one-stop shop here connecting you with home inspectors, general contractors, and property managers all of whom I know and trust.

Most enticing is it is located on a very well established street with a wall score of 92 - lots of restaurants, bars, shops and a park nearby.

Business credit is largely irrelevant until you get into the true CRE and commercial lending space, and even then, the key principles are weighted heavily.