I suppose the next step would be to approach local banks and seek out a portfolio loan, am I going to run into the same income dilemmas there? 

The seller is retiring and is selling off his portfolio a few properties at a time. 

Not so much on Facebook lately unless its something that will help me grow my portfolio and mindset... ive found my self not wasting any time.. because it is just that TIME... which cant be bought and is priceless... so think about where you want to spend it and apply it...its called a mindset Shift...

When I sold my first portfolio in 2007 I parked $250k with them in different investments.

Only problem is the portfolio is too small to justify the software like Rent Manager and Appfolio.

I want to leave a large paid for portfolio to our kids, not a mountain of debt.

It just all depends on how much cash you have and how quick you want max your portfolio out.

A bank will View this as a cash flowing business and the appraisal / amount of loan, will be based of future revenues.If you are trying to build a portfolio and leverage this property to purchase others in the future, you may want to consider the commercial loan.

I have built a pretty decent sized rental portfolio of 6 condos, two 3-units, a 2-flat, a 5 unit a 6 unit and an owner occupied 4-flat all in chicago.

And if you're thinking about building a real estate portfolio with multiple units, you might first consider a 3 to 4 unit purchase where you live in one unit and rent a few out.