Just like 2008 when everyone was exiting the real estate industry a few smart folks were doing deals.

I can pay off debts and might even have enough money to get another investment property. as we draw closer to the closing date I'm getting cold feet. is refinancing a smart decision? 

One of my banks is dumb as a rock, then Wells Fargo a true business smarts bank saw my POA and check, poof I deposited it.#2 you'll buy another policy a landlord policy assuming you'll rent this property, BUT the trick is the original seller MUST be listed first, then the bank as ALTMA then you or your entity. 

Smart to consult with a CPA.

It's not really a smart idea to invest in this area if you don't have significant reserves.

Smart leverage helps, as does a long term horizon on properties bought at a discount to intrinsic value.

So, I would inspect the wiring and system to verify the presence of the ground first.Many older homes with 2-prong receptacle devices are indeed grounded systems.

All in all, this is an extremely smart idea to do for quite sometime.

They were nifty 10 years ago but with the advent of smart phones and online web portals, they don't offer nearly enough in my eyes to justify the cost. 

In the mean time, I have been nose deep in reading, researching  and YouTubing trying to get smart on it.