Looking for advice on Refinancing plan

[Bryce Fairburn]

Hey,  this is my first post, and after many hours of listening to podcasts, and reading these forums i am looking for some feedback on my plan.

The details:

Single Door Property Purchased 2019: 325,000

Property appraised at 345,000 at time of purchase.

Renovated property into 2 doors.

Longterm renter in one unit, second unit we used for Airbnb

2 Partners invested in property

Private lender at $200,000, at a 2% interest rate but set to a low amortization period so monthly payments are $2100

The remaining amount is out of pocket by the two investors

The Issue:

Currently the property does not cashflow due to the high loan repayment plan, and the inconsistency/expense of the airbnb rentals (and COVID of course).  Cashflows at about a -$800 a month.

The plan:

Convert the second door into a long term rental.  Get a new appraisal:  Expecting a conservative $375000 appraisal.  Refinance with a fixed-term mortgage from a bank (this would be 80% of appraisal value), and use that money to pay off the private lender, and pay off the other Partner who would be happy to be out of the house deal.

Questions:

Does that plan sound like it will work?

Are there complications with the house being in the other partners name and I want to take on the risk burden moving forward?

Are their complications because I live in BC, and the property is in Ontario, for tax purposes..etc?

Thank you for the feedback