To me it shows no morals or ethics whatsoever.. to even think this is OK.. just gets me.Like you I built a substantial sub too portfolio over the years.. but I also had more than one called.. and we stroked 100 to 300k checks for them.. there was a group here in PDX I think they got this from rich dad or another guru that came through town they did about 30 of these long term sandwich deals. and one by one the buyers flaked.. sub prime borrowers no matter where they are what they are .. are a big default risk.by the time they got to me  14 of the 30 were not paying.. and of course in our area mortgages are in the 1000 and above range.. and they are making their 200 a month delta.. but when you have 14,000 a month negative.. hostile owners of homes that know it takes a year to boot them.. and the folks you bought the house from are screaming.. ( many of these folks the credit was fine )  it was a cluster of epic proportions.. calls to AG to DA  come to Salem for a hearing..

Nor is proportional debt a requirement at all.  

Unless you have significant appreciation, you are not going to get a lot of cash out of the refi and if you did I bet it would not cash flow anymore assuming rents don't rise proportionally with appreciation (typically doesn't).  

Would just like to say as a long time reader of this site, that this place is by far some of the most informative and compacted real estate knowledge I've run across to date.

You get to proportionally write-off the interest anyway, so why does it matter?

But despite it being a small town with a proportionally large military presence, I'm not seeing any mention of assumable loans on listings.

According to AirDNA the top ten vacation rental destinations with the greatest proportion of pet friendly AirBnB listings are:1.

That is to say, your cost basis will be proportionally lower than the absolute cost to make the house fully habitable, while many investors are too intimidated to take on the project.

The trench must be compacted as it is filled, and of course the best tool for the job is the 'hoe pack'.

I told her I’d get whatever she wanted but it would delay us getting married proportionally to how much it costed.