The rational part of me is saying not to buy - the fundamentals are not all there.

I recently applied for a HELOC's on my primary residence in NY and(2) of my out of state rentals via TD Bank and was denied on all (3) due to debt/income ration being over their guideline of 40% - I am at 67%. 

I think it's safe to say that we all can be our own worst enemy and make decisions that are not always rational. 

You're not going to go blow all of your money.. it'll make you stay alert, do your due diligence, and make sound/rational decisions.

Rational people don’t risk what they have and need for what they don’t have and don’t need."

Unfortunately, sometimes the more you try to rationalize and make sense to the HML regarding how riskless the deal is, the more you either make the deal 'seem' risky or the more they get 'psychologically turned off'.

Schockergd,Some of the term you used, I'm not familiar with, but I think I get the gist of you rational.

Just being difficult, to no rational end.

All rational gloves are off when speculating!!

When you find yourself rationalizing keeping a bad tenant in order to pay the note, its time to exit the business.