Although my properties have appreciated nicely I have yet to benefit from the appreciations as I have not sold one property yet.  

It requires hard work but the benefits are great! 

The benefits of this is there’s one cap/fee even if you’re licensed in multiple states.

Long term I think you will be ahead with this option as you will benefit from the cash for the rest of your life.Good Luck and great job.

@Yosef Leeno no broker,i just want my liscence to benefit me as a investor

What I have found with a truly dependable PM (very hard to find what I have I think) all those problems go away, plus I have a moderately good cash flow generator, quite strong underlying appreciation and very good tax benefits.

Rates have gone down since my mortgage so I'm currently refinancing my house and I save $100 a month on payment (it will take 4.5 years to see the benefit) which I plan to apply to my HELOC.Ideally, I would like to downsize considerably and buy another primary home and rent out my current house to which I think I could gain a +$200 cashflow to also go towards my HELOC. 

Larger than that is when you really start seeing benefits with efficiencies.The 1-2%/50% "rules" are still applicable to multifamily properties for quickly judging expenses before digging more.

Referral benefits? 

On one hand, having the mortgage interest deduction against the rental income seems like a positive (but then closing costs seem to negate that benefit.)