This normally is not a big deal and takes about the same amount of time as getting the building permit. 

This could be a dollar amount or a percentage.

Also don't forget you get to add team members which I hope is safe to say you have given the amount of doors you own.

My opinion is to invest in the S&P unless you are willing to spend a substantial amount of time learning the space.  

So if you are anticipating higher rents and therefore higher income next year you may want to wait till then if you are trying to maximize the amount of the cash out refi.

First, the amount of learning I did since that moment 15 years ago cannot possibly be overstated.

I just had tenants move out of my investment property (duplex) without paying for the last month's rent, and the damage they inflicted onto the property exceeds their security deposit amount.

Mortgage lenders will qualify you for a higher purchase amount for multis than they would on a single, because they will count the rent you will be making on the other units as additional qualifying income for your loan application.

In fact I had one done that size over the summer from some real slobs who moved out, and it required an inordinate amount of deep cleaning including almost one full day just on the filth of the kitchen floors, and it was $400. 

They require the same amount of attention as everyone else and we are one entity....Not everybody dances to the beat of your drum.