If you have a decent place and aren't super-aggressive with rent increases or neglecting tenant requests they are happy to stay.

In a red hot market that looks close to being fully recovered, be a RE agent and sell off everything you don't want to or aren't 100% certain you can hold for the next decade.

All parties KNOW that the sponsor is raising money from INVESTORS.. will the bank demand proof from each and every investor that their funds aren't borrowed?

I love these forums because it makes you realize you aren't crazy for making these plans.

The lists aren't terribly expensive.

I contacted a local bank that I've worked with in the past to get their thoughts and we aren't at their desired LTV ratio to get a 2nd loan so our discussion ended.

Get out of town, literally. 3.5% cap rates just aren't going to cash flow.

I see this as ( at least for me) if I was going to buy those I would have to be creating a business out of it and be buying them in large quantities each month..

(Even if the docs aren't perfect it doesn't really matter since the money is essentially being lent to myself via a friend.) 

You can put your equity into a nicer neighborhood with better tenants and less capital expenditures (if you aren't already in a nice neighborhood) and also reduce your involvement by hiring a property management company.