I'd probably throw in a new cabinet just to dress it up and a folding table for the laundry area. 9.

That's kind of the holy grail of 1031 investing right there (in second place is dying and leaving the property to your heirs at a stepped up basis - but thats a distant second).And the reinvestment requirement is two fold.  

If that base closes then the whole thing folds.

A thick card stock and a few colors never hurt, but a oval shaped card that looks like a reflector or a card that looks like a folded up dollar bill (both true stories) might be trying too hard...that is unless you are a wholesaler and your goal is just to be remembered 

 " You got to know when to hold em , and you gotta know when to fold them " , Some times you walk away , sometimes you run 

That point is coming at the end of October, so not terribly long.Folks above have mentioned the ability to fold in renovation costs (in addition to the cash purchase price of the pre-renovated home) as part of the basis for the loan, but I noticed that you don't, and that there isn't any mention of that (that I found, anyway) on the Fannie Mae page either.

I then printed off 750 of each and am currently in the process of folding each letter.

The other two (Kingston Court and 4008 Edmunds) are somehow challenging the need for repayment since iFunding folded. 

IF you really think about it though, the amount of people that have access to the same list that you are using and filtering the same people that you, the competition gets pretty crazy and on top of that everyone and their moms are trying to be in REI now, so the competition for a single lead is like 10 fold.

The reason for this was two fold. 1) apartment prices have gotten outrageous and we only try and buy outstanding deals. 2) we all want to get into larger multi families (20+ units) and feel this would be a great way to build up some cash to finance those goals.