The quaility of old existing units, and the ability of the long term population to pay new rents, blended with an influx of small high end mill conversion units is simply not balanced.

Here are the playersMe - OwnerOG Developer - Original Developer that improved property before I purchasedNew Developer - New Developer currently building a new subdivisionWater District - Own the vacant land that my sewer line runs acrossCity - Well, The cityTimeline:2007 - OG developer purchases large 1 acre lot with an existing house with the intent to subdivide and create a small PUD.2008 - Improvements are made (new street, sewerlines, storm, power, water) are brought into the subdivision. 

The seller can often sell a property that can not otherwise be sold, financed, or sold for enough to pay off existing mortgage or obtain a higher price by selling Sub To, or Sub To wrap/owner finance.  

Buy new properties in existing funds while trying to sell off the dogs or get the fleas off the dogs.4.

Thanks for all the advice, I'll definitely have to research more as I go about how to build out my portfolio and whether I want to pay down the existing loans or buy more.

Right now you have a market where existing landlords have all these properties at cheap prices where they can afford to charge less for rent than new buyers and many don't want to shock their tenants by jumping rents by $400+ in one rental cycle... so we are gradually easing those tenants upwards each year.  

@Travis Boyd Outside of instances where FHA or other extremely advantageous financing options exist I am a proponent of the LLC for investment real estate although the liability piece is overstated.

Here are my thoughts about your decision to refinance.Process:Understand your current loan terms.Check your credit score.Compare offers from different lenders.Get your property appraised.Submit your application and go through closing.Considerations:Current interest rates vs. your existing rate.Amount of equity built in one year.Closing costs and fees.Your long-term financial goals.It's a complex decision, so consulting a financial advisor or mortgage specialist might be helpful.

My plan is to convert the existing structures into 12 units and build 9 new construction units in the rear with a courtyard. 

In the “c” offering solicitation and advertising is allowed, and no preexisting relationship need exist.