You figure out the best solution for your model.Think of your brand, think of your long-term model, and think of what you want out of your hair and who will be managing this site.

I figured there had to be a way to use the equity I had, either through the cash-out refi you mentioned, or by selling them outright.

I've located a home that does not have to much equity so I figure that sub2 option might be a good idea.

Since I've learned you need to figure half your rent for maintenance I was wondering if you guys are paying taxes on that if its not spent.

There will still be equity in it and I figure I could ride it out until it appreciates and then sell.

Go figure!

I figured that, but what about going afterthe ones that are owned free & clear?

If you have a glass with a hole in the bottom, the water being the economy, until you figure out how to plug the hole you have to find a way to keep pouring water into the glass.

Hope these aren't too much in the way of newbie questions... but I'm just trying to figure out how all this stuff works.

I'm surprised you're even able to get a loan, with that many units being in foreclosure.If you can get the data, figure out what the current owners paid vs. what they are realistically worth now.