@Kajal Aggarwal   I would refinance in an instant. 

Most of the people I see on the $100 slot machines are sort of into instant gratification.

So I started looking at properties (such as HUD/Homepath) that need updating or cosmetic rehab and thought "I can get instant equity if I can make a place look nice and acquire a property at a discount". 

If you get shut down really quickly, that's why, and similarly if they instantly cave by $1000, that means they screwed the last 4 people by $300 each (still coming out $200 ahead on over-charged junk fees).

He then proceeds to show me his unit which I instantly notice the landlords are slumlords.

We all want instant success, but real success tends to come slower.

This is easily resolved by telling a seller what you can probably sell their house for, and what you will pay for it instant cash with no fees.

But as I am sure as you well know when you think you see an apparent deal no matter where it is located you get that instant impulse that you can make it work.  

*IF you were only going to have a single footprint, you would want that footprint to be MFH for the sheer fact that you are instantly diversified, in a manner of speaking - if one unit goes vacant, 3 others are still paying the rent (and your mortgage!).

I applied for a mortgage loan through a local broker that was referred by my realtor and was instantly Pre-approved because I have pretty good credit.