"keeping your powder dry" probably depends on the local market - generally it's smart to wait 6-12 months for lower prices.

I read an article in in one of the NJ RE blogs stating that “if you under price by 10 percent, you are going to get a bidding war, even today.â€The article say's that putting in a lower starting price will get the house more attention and ensue in more offers which can lead to the seller getting the price they really wanted for the house or even more...

Billy gets a lower payment, but has the risk of having to come up with a large payoff in five years.

They will not go lower.

I am considering refinancing my office building loan, getting a lower interest rate, and cashing out about 40k which will go toward the apartment downpayment.Does this sound like a reasonable strategy?

I'd make sure your's looks better than any of those other seven, price it lower, and get it on the MLS.

Plus enough property to add more, or even storage units.So with my quick figures this could net 8-10k / month profit and thats with a property manager and maintenance man with rents lower then market.HMMMMMM..

The operating expenses are much lower as the tenants are responsible for most of the expenses.

With a loan audit you could get money damages and/ or lower rate loan.

However, its been much higher at times and lower at other times.