Housing shortage exists, so demand for good housing still moves fast.   

Put all your cash flow into improving your existing rentals or buying more.

I was on a Senate Steering committee way back in 85 on how to deal with all the platted antiquated lots in CA. there are millions lots created before the modern rules and these lots exist today but many are not buildable and are traded back and forth from tax sale buyers to retail buyers who dont realize their 5k lot in CA is non buildable.So there was a big conference in FT.

Those alternatives don't exist today (generally) so you should be fine just saying its financed. 

Be careful of investing based on existing relationship.  

So in your example, buying a trackhoe might grow your business or create greater profit by eliminating some outside costs, or letting you take on bigger projects, or speeding up existing projects, etc (just an example).

Tertiary markets can be cash flow heavy but tenant/asset risk exists.

I do mean 'Millionaire' not multifamily, but wish that one existed!

This tells me two things: Obtaining a variance will be more difficult because there are already policy considerations in place intended to reduce density & (2) There is clearly an over supply of rental units in this area otherwise the overlay would not exist. 

This eliminates the requirement for a new down payment since you are refinancing the existing debt.Lenders typically require:A copy of the owner-financing agreement.Proof of on-time payments (6–12 months).What to Do:Find lenders that offer rate-and-term refinancing for owner-financed properties (portfolio lenders and DSCR lenders often do this).Maintain a clean payment history.”