Bottom line is blanket statements/absolutes don't work in just about any aspect of life.

If you need any help with that aspect of it please just let me know.

A smaller/local bank is going to know the area much better (which definitely comes in handy with the appraisal, as @Ryan Romingermentioned) and with a local bank you have a relationship aspect of the deal.

It pays to understand who owns the common grounds, the building roof and exterior, what aspects of the property are insured by which policies, etc.

I am very busy with my day job and don't expect to have much time to deal with the day-to-day building and management, but I would like to learn about the financial and legal aspect of the process. have always been interested.

Putting aside any less desirable  aspects of your note, if it has been performing for over a year I would think it is worth more now than it would be if you refinanced and then tried to sell with little or no payment history on the new note. 

If you need any help with that aspect of it please just let me know.

If you need any help with that aspect of it please just let me know.

I am particularly struggling with the aspect of managing contractors and details regarding private financing and refi, and finally, of course, finding deals. 

@Michael Ealy has the best response focused on the business aspect (his success makes this obvious).Emotion should be put aside and a realistic view of what interests you specifically in the business should guide your decision.