However, when Im 35, I want to transition from using the downpayments to get into extra properties to paying off the properties and potentially consolidating the equity into 2-3 12 unit apartment complexes, putting them on a 15 year note and having them free and clear when Im 50.

I consolidated my student loans locked in 3% interest rates for the life of the loan and the extra cash I now have allows me to save for real estate.

We also have one consolidation loan (stupid) (about 22K) which is a higher rate... like 13% or something that we'd like to pay off with the equity from this house (worth $125-135K).

The above information is consolidated from my 14 years of short sale negotiating experience.Brenda Houghton

There is much to be said about the home field advantage - we have started consolidating our portfolio into a half hour radius years ago.

FNMA or Freddie small loan program, I'd present the facts to the lender and consolidate into a three ring binder, then present to the bank management.

Consolidate properties to within arm reach. 

I have a consolidation loan against the property in the amount of $25,000.00.

I think the smarter play is to sell them all, do a 1031 exchange, and consolidate into a larger multi-family apartment complex.You'll get all of your equity (not just what you can refi out), gain economies of scale, and simplify your management going forward.With ~$1.155mm in equity you can reasonably look at $3.5-$4mm properties.

During the last recession I saw more turnover as folks consolidated - moved in with parents or friends, or bought with the juicy $8k purchase rebate, but the applicant pool was larger and for the most part, better.If you had to sell a single-family you took a hit like everybody else.