Tracy,If you're planning to work conventionally, then might not need one, but if you want to branch out and do creative funding, like Flix n Flip, Bridge or DSCR loans, you might need to have one. 

I have recently invested some SDIRA funds in a commercial real estate income fund that provides short term real estate bridge loans.

Near the close of escrow the issue regarding the name the property would be vested in was serious enough to back out of the deal because my son did a 10-31 Exchange and I was only giving him a bridge loan to purchase the property because my son had 5 properties on the market in Las Vegas.

As Brandon (former podcast host) would say, "Don't try to build too many bridges to 'wealth island'". 

Continuation .....Few days ago I discussed some expenses that will arise before closing on bridge loan debt.

Sometimes you dont have the cash you can reposition equity from another property to accomplish this similar to option 2 above, 401k loan up to 50k, cash value life insurance, savings/cash, sell stocks, use OPM/private money/bridge money,etc or other to accomplish this as well.The only caveat to the above is that you'll have to wait a min 6-7 months after the first primary refinance is done (what underwriters like to see) on the first property to avoid running two primary residence refinances/purchases within such a short period of time.I had a borrower who didnt listen to me and went out and applied at another bank for a second primary residence after 2 months from funding the first one (unbeknownst to me) and short to say he got a call by fannie mae fraud department....

What about Bridge loans?

Bridge Loans (for 1-4 unit investment properties and commercial properties) and 5.

Yes my company Hammersmith Partners LLC currently has one rehabbed property on the market in San Antonio. 

Since you have, or are planning on having, so many paid off you could look into doing some sort of bridge financing.