Should i wait or refinance right now?!

[Justin Daoust]

Hi everyone. I'm in Montrel, Quebec, Canada. And the question is more of an opinion that i need. I bought my duplex around 3 years ago. I was living in it for the 1st year and my upstairs tenant was and still is paying below value. I'm still losing approximately 55$ a month which is not alot but still not ideal. All renos are done by me and out of pocket. I still have 2 years and 2 months left on my mortgage before i should refinance and have a 7-8K penality if i go that route.

Now i know things are very different up here in Canada so i'll try and explain as best I can! 

Rent coming in 1513$ month   18156$ year

Mortgage           1179.49         14153.88

insurance             114,20           1370.40

Taxes                   270.37           3244.44

+18 156$- 18 768.72= -612.72$

I may be able to refinance and pay the penality and have a cashflowing property but have no money extra. I think it should be cashflowing between 150 to 250 a month. I just have to check my credit to see if it took a hit with my personal mishaps. 

What would you do in this situation.

Thanks for your help!