It puts you in a position of accepting a lesser overall return per project, initially, as you will be paying a lender and a PM (but potentially a greater return when factored as an ROI, esp. when annualized).

As far as getting your license, it CAN be a good idea, but it can also be a complicating factor that makes growing an investment portfolio more of a challenge.

So, what was your determining factor in taking only the $38k out as cash for your re-fi?

I was just wondering if there were any suggestion on bypassing the 2 ear work history factor.

Only thing you can do is factor It into your numbers.

However, this depends on some other factors like the size of the facility (the bigger the more "economies of scale" is able to kick in) vacancy/occupancy, & so forth. 

There are many factors outside of the 4 walls that drive up demand & price.

It depends on a lot of factors including "the future" which no one can predict.With that said, when considering if it will cash flow, I would add the rent from one side to the amount I would have to pay to rent elsewhere. 

So vacancy factor will be 6/24= 25%.

The other factor is what price range you are buying in and absorption levels.