, but since each property should really be in a separate LLC, can't the root LLC be in a state with low fees / no reporting requirements like New Mexico?

It's been so low for so long that you can effectively ignore it for now and just use the 10% minimum, as defined in the CA constitution.)You didn't mention whether you secured your loan by recording a deed-of-trust.

To me, the NOI and cap rate seem low especially after you take into account a debt payment for the property.

FYI - my credit score used to be in the low 800's and I owned a $700,000 home in MN and I regularly scour myfico for help on letters, disputes, validations, etc.  

They put 20% down and LTV of 80%.This is bigger stuff though 30,50 million etc.Previous year interest rates were low in the 4's so could pay 5 caps.

One side is trashed (tenants moved out and it needs a lot of cosmetic work.. thus the motivated seller and low price) the other unit is being rented for $800/mo.Thoughts?

This is because the barrier to entry is low and there is no minimum standard for competence.

I will not spend my last dollars on debt reduction, especially in the 4% range.What is your rate?

Have you spoken to lender about using low money down conventional mortgage?  

Rent is current $1100 per apartment which may be a little low for the current market due to a shortage of quality apartments.