Right now, borrowing costs are higher than they've been in 30 years, so it's OK to wait a bit to make a purchase (ie. it may be hard to find a good deal today).

How much would you be looking to borrow from each property ? 

The borrower / partner should have assets to show  (25% down payment + closing costs+ reserves)5.

the rare time i borrow from other than my commercial bank that only has an appraisal fee and 1/2 point or 1 point ..

Additionally, they may only permit you to borrow up to 75% LTV (considering your existing note).

I knew the AC was on borrowed time but the septic field was a "suprise"..6..Do unto others as you would have them do unto you.Good luck, You will need it.

The goal is to buy a whole note at a high discounted yield, then recapitalize by selling the whole note or a partial at a lower yield or borrowing against the note at a lower yield. 

This concentrates the equity so it will be easier to access when you need it.If you want a true picture of what borrowing does to your return you have to look at the Internal Rate of Return.  

Quote from @Tim Ryan: If he cashes out the equity, he's borrowing money at 7% or higher so that he can invest in real estate with loans at 7% or higher.

Americans and Canadians can borrow at much lower interest rates by going overseas in some instances.