That's enough time for a human being to be conceived and born.

Not everyone will agree with my opinion, but I always suggest to beginners: go make some money first, and then we will talk.A good analogy is interviewing nannies before the child is conceived. ;)

Its conceivable that nothing changed with your tenants, the income stream, or expenses, just one of the 10 members buys out another member for her $50,000 in equity because she is going through a divorce, or some other similar situation. 

It's conceivable that these neighborhoods might not be affected at all in a downturn that does affect other (less desirable) neighborhoods within the city.In fact, I think that historical data shows that this occurred in the '08 downturn --generally speaking, a lot of the higher income A grade neighborhoods were minimally affected or not affected, while the lower income neighborhoods got hit hard (another example of the "Matthew Effect" where the rich get richer, and the poor get poorer).As they say, "real estate is local", and "location, location, location!"

My market (Milwaukee) has gone up barley double digits, so we have appreciated just over inflation, there is no conceivable reason for prices to go down.

If you could realistically sell your first example for $70K in under 90 days, you are talking about a different market than what "Sub$30K" evokes.In our market in northern Utah, the typical problem with 75+ year old houses is not the original construction, but all the ill-conceived home owner improvements since.  

Brandon:If possible, definitely pay down higher interest debt first.Yes, paying down your younger mortgages first does not improve your cashflow - particularly for U.S.A. investors with long term residential mortgages {for those of us in Canada with an average of 5-year mortgage terms, you could conceivable have lower payments at future renewals, giving you better cash flow}.  

It's likely I conceived the most horrendous financial plan many of you have seen in a long time, so if anyone would like to save me from my ignorance I would be more than indebted to you. 

I'm with others on this: I see no conceivable way that this would lead to a jail term for the landlord unless there is a lot more to the story.

My thinking is that getting a tenant in my current house could conceivably pay the mortgage/insurance/taxes on another house.