Assuming you have a mortgage currently, refinancing will replace that with a new mortgage so you still have the same number of loans though your payments might be higher depending on whether you did a cashout refinance (thereby taking out a bigger loan than the current balance on your mortgage).

If you need to replace the roof do you walk away?

From the outside I can tell the roof is new (installed <6 months ago), the building needs to be painted (lots of peeling already), some window screens need to be replaced.

Your estimated Capitalization Rate would be about 6.7%.Make sure that you have sufficient cash reserves for unexpected repairs and expenses.Make sure that each month you deduct the following expenses from your rent and save them for future payments: (1) real property taxes, (2) replacement reserve and (3) insurance reserve.For your information, the 50% rule, which is generally considered to be fairly close to actual expenses, states that …50% of your gross rents will be taken up by expenses... property tax insurance vacancy property management maintenance capital repairs legals and accounting, etc.From the remaining 50% you service your debt, if any, and the remaining is your profit.

- the biggest advantage is the access to MLS and basically being able to replace my "day job" sooner (hopefully).

My goal was, and always has been, to make money even when I am sleeping.No guru, no book, can replace the fire in your gut.

Remove and replace.

Ahh no TP hholder,but I see the perfect replacement hanging strategically above the toilet ;)

Spend a little up front to fix/replace anything that could become an issue in next 5 years (appliances, AC, etc.) - you need to buy well at a discount to leave room for this.  

The landlord sets the rent (using the market as a guide), the landlord selects the tenant, the landlord selects the lease, the landlord chooses who will do a repair (even if it is the tenant), the landlord decides whether or not pets are allowed, openly or tacitly, the landlord decides whether to have a monthly or yearly agreement, the landlord decides when to replace the carpet, the landlord decides on whether or not to provide appliances (again using the market as a guide), I could go on and on, but the key point is that the landlord is making the vast majority of key decisions.