He's very conservative (with debt) and know his stuff and is no BS.For property management check out a book called "Landlording on autopilot" by Mike Butler.

I don't do much with it at all but I'm thinking I want to use it to make a little extra cash to get myself out of some dumb debt.

The sale of one property and the paydown/payoff of debt on another property is not considered a sale and purchase of real estate since you already own the target property and are merely paying down the debt.

You have a current, documented source of income (no conventional lender is going to give you money if you don't have a documented source of steady income.)Your large savings will help your case, your other property may help or hurt (lenders count the property taxes and other property expenses as debts you have to pay.)

NOI is after expenses but before debt service so the only portion of PITI that would be included would be the TI.

Eventually in a buy and hold scheme, you will pay off the mortgage debts and the positive cash flow will magnify your returns.

I don't like debt, makes me nervous.

There are a property or two I have found that I project a cash flow of about $500/mo.My other thought is this: I would be eliminating a nice asset I would have-the ability to get at $20k whenever I want/need it.

That can be a good way to get underwater, rents fall, cash flow goes down, caught with long term debt.

If you acquired all cash you would earn a higher return but if it's not possible to go in with no debt then the deal deserves extra scrutiny because your margin of safety would be thinner.