For example, as a newbie I'd probably have files named "due diligence" "flipping" "buy and hold" "multi", "oh shi* avoidance" "systems" "inspiration" "read daily" (the cream of the inspiration posts).

I agree with Dale Osborn that new homes are definitely not the way to go as there is no outside banks financing them for anyone other than the cream of the crop.

I received a piece of marketing from Third Federal Savings & Loan (www.thirdfederal.com), offering to refi our primary residence to a 10 yr fixed at 3.29%/3.39%apr with closing costs at "only $595".Given I'm currently paying 4.375%, on the surface, it looks like I could shave 6-8 months of my current note with a slightly lower payment (~$20 less), it would seem worth it to do this for the $595 expense.

You might be able to shave some of this number if you're running a 10% Maintenance already.  

A non-complicated financial life is one in which borrower(s) have jobs with W2 income and/or social security income and no significant outside income and they own no other assets except for autos and household goods and possibly retirement accounts.  

Same goes for transferring to an LLC, it would have to show this as a long term investment, before doing a 1031.Acquired property(s) have to be in the same name as the entity selling the first property.

Although, with some paint-up/fix-up and a security system, you should be able to shave at least a point off the cap rate.Depending on the age of the apartments and the appliances, you might need to increase repairs and maintenance, or set up a reserve for capital improvements.

This is one of the main reasons why I love to fill my apartments in Spring/Summer because come winter you are not getting the "cream of the crop" in your tenant applicant pool.. most tenants do not like to move in the dead of winter or after school has started for their children...

One school of thought is, as the article states, the hedge funds, private equity firms, etc. buy these notes in bulk, skim the cream off the top, and sell them to the firms "downstream".

Again, life happens so this is cream and I wouldn't include this in your decision making.It's tough to buy right these days but it can still be done in the right markets, I'm sure.