@Cory Peters ... the right answer is ... it depends.

Depending if you have enough time before the sale, you could sell one of the properties that you believe you can recoup the $200k - even if that means selling at a discount to obtain the cash quickly.With that cash, you can pay off the other liens and still keep the 5 of 6 properties. 

I can think of dozens more, but it depends on the project and the borrower.

You have controllable and non-controllable costs and cumulative and non-cumulative CAM costs if any depending on what is written into each individual lease.

And depending on the price you qualify for (and the price you feel comfortable with -- not always the same thing), then you could look for a home with a basement apartment or carriage house that you can Airbnb on the side.

Nathan;Assume by conventional you are referring to bank financing.The short answer is there is one answer, for example it may depend on Location of the property (state and MSA)if the investor has a green card or investor visa Property value and loan. loans over a $1,000,000  are easier to secure loans i.e. bank, Freddie Mac, etc..      

@Maria LunaThey type of loan you'll be looking at depends on the number of units you decide on.

It all depends on your income...

To your question about the vehicle: I personally have a paid Toyota Tacoma that I bought for $4K my senior year in college that has been very dependable (I personally have put over 35K miles on it).

In the last ~2 years we have upgraded ~220+ units and our flooring in the bathrooms has always been either TrafficMaster Allure Vinyl Plank (the stick down flexible product) or 12"x 24" Porcelain Tile all depending on our budgets/community demographics.