After the GREAT REFI, accounting for cap ex and vacancies etc each property should cash flow around $400 a month.  1) Go ahead and please point out any follies in my assumptions.  2) I'm not sure if just taking out HELOCs on each property would be better than totally refinancing them? 

It is hard to give great advice without knowing where you're looking to buy, what type of property, and what assumptions you are making about expenses. 

The idea to hire property manager as the listing agent is essentially based on the assumption that the good agent should be knowledgeable about the particular unit and should have demonstrated reliability in general, which makes the property manager particularly attractive.

Take action and be conservative with assumptions.

If all your assumptions are correct, and if you're good at $200/mo cashflow for your first deal, then do the deal. 

You have the asset loaded with 29% in expenses and it still cash flows - so no concern there.The better question is, are your assumptions correct?

You'll have to make some bold assumptions, but that is the comparison you should be making.

The unstated assumption here, of course, is an accounting degree will allow you to make more money with one than without one.My student loans back in the day allowed a no-penalty early payoff.

Looking at the numbers and making some assumptions on the values of the homes and rents (I'll pull my realtor in very soon!)

My assumption is they are just saying that as a way to show a “need” for replacement.Lastly, having required them to get a pre settlment inspection would not have prevented this.