Luckily, Fayetteville is non-rural, so there's a good chance the Lender will find sufficient comparables to warrant a strong value.Regarding the seasoning period to show NOI for a cash-out refinance, the Lenders I've encountered typically compare what the rents collected are vs market rents, and usually go off of the lesser of the two.

Learning more about the industry and being more involved in it is always a helpful thing - plus being an agent is a great way to make some money along the way that you can use to further your investing goals (plus collecting a commission on your own deals).

Over time there can be alot of sediment that collects which may cause a clog.

I look at it as good debt building me a lot of wealth over time by doing nothing but collecting rent and letting my tenants pay off the mortgages.

Tell them you pay taxes and own other properties in this school collecting area...   

I believe some states have laws about how much rent you can collect at once.

In general, MOST of the time, legislation tends to be biased towards people paying mortgages, rather than those on the collecting end.

Therefore, you will see the different sides: customer service, maintenance, collections, screening, renewals, leasing, IT, etc. 

Giving them right of refusal to match competing offers, renewals for 21 years, and if you break it they are allowed to collect 75% of gross revenues (they only get 50% now)  for the remainder of the lease and that 21 years of renewals. 

Did you collect separate deposits from the 1st two guys?