There are other ways to fund this type of deal, but if you don't have access to or know of them, I'd slow down, get to some REI meetings in your area and learn more about this process.

Only thing I would add is that there really isn't a quick way to analyze an apartment deal.

Owning houses or apartments is an excellent part of any investment portfolio and holds an opportunity for a steady stream of income, in addition to a nice profit when you sell.

With a quality provider of such plans, you will also have access to meaningful guidance with respect to IRS compliance.   

That means you won't have exclusive access to the deal as it would be exposed to the full market but, you never know, you might be the one to put it in contract at the right price.

Since it sounds like most of the debt on the properties are not even on-title (business lines of credit), you'll have access to the most funds as a lump-sum this way through one transaction as opposed to individually refinancing them. 

Then I asked him for estimate to rehab one the apartments.

You also pay less interest over the life of the loanDisadvantages: You are locking up money in the property that you cannot easily access unless you refi or take a HELOC. 

That said, I will be replacing the exterior siding with probably engineered product...the current siding is attached right to the studs no sheathing, so I will have access to the walls from the outside. 

Not specifically a haul away but literally just moving it from the back of the apartment to the front of the street for pick up.