If you have the discipline and stomach for it, I would [and am] get as many loans as possible [good debt].

Your debt to income ratio is going to become important.

So, the wrong way to invest:-personally guarantee debt and get jammed into high monthly payments with conventional wisdom and conventional lenders....

I guess whatever systemic glitch got rectified and the debt started glowing :-).

Add that to your $488 taxes, insurance and utilities, and you have $885.5 as total expenses.This makes your NOI as $439.5 (that's income before debt service).If you get a 30-yr loan at 5% interest, your debt service is $316.19 per month, leaving you a cashflow of $123.31.It's not spectacular but if you calculate the Cash on cash return, that's a very good 24%.

Would having it make it more likely for me to obtain debt and equity financing?

The mortgage is due and payable as long as it is outstanding as a debt.

Your cost of debt capital is 6%.

Does anyone think I should keep them or am I being too hasty to get rid of them especially since they are making a good profit.It's all up to what makes you comfortable at the end of the day.Life is too short to worry about things -- you only have so many days on this earth to be happy, might as well make the best of them.If you like the profit but hate the problems, then it's just all about eliminating or reducing the problems.

BUT, FHA will underwrite about 75% of the rental income of the non-owner-occupied units on a 4plex when they are calculating your Debt to Income.