I've bought a couple small (15-36 door) turnkey properties and we maintain a few SFRs that are being cashed out to buy more multi-family.

Trying to maintain that average starting this year.

This includes direct labor as well as indirect labor, such as time spent shopping for materials or time spent maintaining the property once it is for sale.

You maintain a portfolio of real estate for inflation and liquidiiy for deflation (cash, treasury bonds and cash value life insurance).

The smaller payment will make it easier to maintain/build those reserves.

Only con I see if the fees to maintain for license.

Presently owe $75k on a refi'd loan balance of $85k locked in for 15 years (13 years left) @ 3.375%Quick financials presently$21480         Gross Rental Income (16241)        P&I pmts, 5% vacancy, insurance, taxes, lawn care and 10% cap ex & 10% mgmt fee (I self manage though and do not take a fee, however figuring for #'s sake)-------------------------------------------------------------$5239           yearly cash flowProjected cash flow after Refi$3230(I'm down to very little cash - cash built up was put in the single family rehab last year), I've also completed upgrades/updates through the years and have tried to maintain this place fairly well.

I do not have this foundation, so I maintain, my value is in my skills (for now).

So if your property is worth $200k, and you have a balance remaining of $100k on the mortgage, you could do a new 30 year fixed (or whatever your lender offers) for probably around $160k ($200k minus the 20% they will require you to maintain in equity in the property).  

I usually run my numbers like this...Rent minus mortgage, taxes, insurance, management (11%), maintainence (10%), cap ex (5%), vacancy (9%)After all that I aim for $150 to $200 per door in cash flow.Mike