I also look for severe fixer properties, where most buyers are afraid to venture.

Are they lending money or are they doing a Joint Venture.

If you go the BRRRR (or as I call it 'DIY') route, you take on a lot more risk but you get more control and could end up with a higher return.So both options are absolutely viable, it's just a matter of what your goals and needs are.

Joint venture with someone who has experience in multi-family apartments or commercial space and provide value to learn from them. 

@Christian RyanI'm completely with @Nathan G. on this, although he's a professional property manager for many units and I just self-manage my own little rental empire on a part-time basis, when I'm not the DIY maintenance man.

For me, it's real estate and a few other ventures.

In your case we would allocate the interest between the 5 existing mortgages and for the extra $150,000 that you took out, it would be deductible on the business ventures.

@Ryan Howell, do you venture out as far as Cashiers?

A 1031 allows you to roll previous real estate sale money into a new real estate venture without having to pay sales taxes.

Find a good PM company:  even if you plan to PM for yourself, pick a PM company as an 'exit strategy' in case you no longer want to DIY the PM work.