Having an LLC for each property sounds like an administrative nightmare.This would result in having an entity for each property, multiple checking account numbers, multiple check books, possibly multiple tax returns, etcYou may want to consolidate multiple properties into one LLC.

I'd consolidate whatever debt I have and use the difference in saving and apply it toward the note and pay it off completely within 7 years.  

I'm in the same situation, trying to get a home equity loan on my owner-occupied duplex for some debt consolidation. 

That means you normally have a choice...Take a higher interest rate on all the debt (the existing mortgage debt and the student loan debt consolidated into it).Be 1% of the new loan balance more in debt by tacking the LLPA onto the loan balance, assuming sufficient equity to still be at or below 75% LTV.Write a check for 1% of the loan balance at the closing table.If I was going to redeploy those net cash out proceeds on some other investment with solid cash-on-cash returns that choice would totally be OK, but if I'm just nuking student loan debt then from a personal finance perspective those options all kind of suck! 

The equity paydown alone eclipses the value of the alternative investment within 2 years.This is the power of leveraged appreciation and equity improvement through real estate.Summary / Consolidation / ConclusionI am definitely over-simplifying what it means to hold a real estate investment property for 30 years.

I think it would be helpful for the "noobs" on BP if John would be willing to consolidate this together into a BP post itself.

I know it's not much consolidation, but no lender will let them buy a house without paying off the judgment first.

I would see this more like as consolidation part of even good time to buy LOL

You pay a little interest in the spread, but you have access to the money for the great deals that are soon to come.Currently banks are experiencing internal difficulties and there will be further consolidation.

Many successful investors started with one SFH... then two... then three... and then later consolidated into Multi-family.There is nothing wrong with starting with one rental, getting your feet wet, learning, and then increasing the portfolio.But like others have stated, find a property that makes sense both financially and that would be desirable for renters.