Wondering what the best solution might be..Prop 1:  Bought 2011, FHA 3.5% w/ PMI; MV ~185k; Loan Bal 92k; HELOC 36k @ 5% floating off Prime (drawn to pay for down pmt on other property); Rental (performing)Prop 2: Bought 2014, FNCL 3.875% w/ PMI; MV ~ 260k; Loan Bal 173k; Rental (performing)Prop 3: Bought 2018, FNCL 4.625% w/ PMI; MV ~440k; Loan Bal 356k; Owner Occ / Primary - Saving the detail, to get the deal I had to put up more down payment than I would have liked to... 

Take a look at the many OMs floating around.Also take a look at CREPro to create a nice brochure (online or PDF)

As Nathan mentioned, you'll want more than just enough to close as there are always unexpected costs and you want to keep a float fund for vacancies.

There are about 2000 nice metal pens floating around the midwest with my advertising and phone number on them. 

No solids should enter the drain field - especially grease, which floats!  

It seems like the highest they've been in recent memory is 8.5-9% back in early 2000s, generally have been floating in the 7's, and in super hot markets have gotten into the 5's.If I'm attempting to forecast my apartment building's value at sale in few years (3/5/10yrs), can I be reasonably confident that the cap rate will remain within +/- 1.0% in my local area?

He has a broker fee, 5.5% interest, 5yr lock on rate with float, 3 yr prepayment penalty.

If I can afford to float all the payments for both houses with it being vacant (worst case scenario) is this “safe” enough to at least try keeping it for a while and seeing how it goes?

I could go with a HELOC (30 years) and have a larger line and bigger cash-flow but I don't like the floating rate in the current market and I don't currently need more cash.

Otherwise they will keep floating around destroying other folks' property.