As an appraiser myself, it pains me to see them using an automated valuation.  

@Damon Armstrong I have a Bachelors Degree in Business Administration with a concentration in Finance & Real Estate.  

And if these have been viable cash flow income generators over the long term, or just pains in the butt with constant turnover.

The more I deal with property managers, with my properties, the more I realize the pain they go through to earn my $80-100/mo/unit.  

Both programs are administred by the SSA but they are different programs.

You can borrow up to half the current appraised value (minus liens) if you are administrator with Letters now.Try this site: closeprobate dot com Disclosure: this is a company that I own.

So rather than one lender bearing the full impact of the default and others avoid it completely, everyone involved takes a little of the pain for the defaulted loan while continuing to earn returns on the other loans in the pool.The broker does take a cut of the returns.  

Find the pain! 

It all depends on the investors emotional relationship with leverage if leverage makes you stressed and the pain of leverage exceeds financial gain then sure you'll try to reduce leverage even if it makes financial sense to keep debt or add more.Nowadays with the advent of the internet, systems, full service property management companies, and technology bills/payments can be taken care near seamlessly with little of your intervention.

The process was really painful but the end result is worth it.