Cash Out Refinance or HELOC?

[Aaron Fuhs]

Hi, My initial dive into real estate investing was converting a primary residence into a rental property when we bought a new house. When we bought the first house, we signed a 15 year, which we are currently 5 years into. We have had tenants for 18 months so far and it's been great. As I run the numbers now, the rental isn't cash flow positive when accounting for vacancy and capital expenditures because the mortgage is high. Rent is higher than the mortgage though by about $250 dollars per month. Any thoughts on whether I should push through for the next 10 years until it's paid off or refinance now (cash out some property appreciation) for a 30 year and ensure that the property is cash flow positive. House was built in 2007, and is in great shape. Probably would need a new roof around the time it's paid off. Thanks!