Much depends on the experience of the person your lending to.

Alternatively you could possibly look into an SBA loan if you plan to owner occupy one of the properties (depending on your current role and whether its W2 or etc.) 

Conversely, if I choose to retain the three California rentals and pay off their mortgages, my estimated cash flow would be approximately $6,800 per month, albeit with properties that are 20-25 years old.

A lot depends on the experience of the operator.

@Philip Johnson I use a general contractor and or handyman depending on scope of work on any new purchase property.

Chicago's market varies, so $500k-$600k might get you something nice, depending on the area.

A 1.5-2.5 M home will do ~ 250k+ depending if the house has a pool etc. 

It really depends on how you define them.

It depends on the type of loan, loan to value, fico, income, debt, and experience. 

If you tie up money in stocks within your LLC and then a deal pops up, you might have to choose whether to lose the deal or sell your stocks at a LOSS.