Now our goal is to refinance those properties before the end of the year so my banker can get a big fat bonus and I can get out of high interest.   

Again barriers to entry are steep but finding tenants and getting a nice fat rent check is very possible. 

Doing it the other way, I can get fat returns and acquire 20 properties in the same time frame while still having tons of liquid cash  available.

My fat fingers do more harm than good on this galaxy S5......damn!

They are telling you upfront they are going to be one of the worse tenants you will ever experience.Tell them a big fat "NOOOO",... and pray they get mad and don't sign your lease.

With respect to item #1 don't just focus on the expense side and trimming the fat; focus on ways to increase your income. 

Whenever recessions happen businesses use it as a way to trim the fat and get more efficient and I imagine that will happen this time around also. 

A) It's not exactly what he said orB) It's BSThe big guys 25+ years are still all quite fat and happy with a ton of debt and units.I'm not doubting Dave at all, since about 80% of people mis-handle debt and a cash-only budget is what they need.However, if you understand the power of using OPM money (ie you borrow o$1 at x% and get a return on it >>x%) it is a major tool in growth.Now if you're 60 and unwinding, I understand. 

I build up a fat pile of cash and punch it in the face with all I got. $37k chunks usually.

The insurance industry is highly profitable, and by using the self-insurance technique you can essentially get a cut of those profits for yourself, both reducing the effective cost of insurance you pay and also giving you the peace of mind that having a nice fat self-insurance fund sitting there provides.