Sounds like you’re on a good track, just need to keep plugging along.2) usually you can’t just “roll” other debt into a mortgage without doing a refinance.

On the refinance side you don't have any points/fees and depending on the type of loan you refinance that can be a substantial amount.

@Saurabh Kukreja If you're able I would make the down payment from out of pocket right now and refinance both later then add a third.

Id refinance, pull that equity and get something else.

You could also probably find a DSCR lender/loan...it might just be more expensive.What is the reason you want to refinance?

I’d be very grateful for any advice or recommendations on how best to approach these modifications.Also if I were to refinance in the future to pull out cash from the property, is this something that banks could refuse to lend on if I have code violations of lets say a wall that was moved or removed?

IMO, this combination of lower NOI growth and increasing interest rates will not only cause cap rates to expand / values to decline... it will also make it more difficult for owners to refinance, even out of "safe" long term fixed rate permanent debt.Personally I would not want to own leveraged multifamily assets now for this reason.  

If you're planning to hold onto this property, I'd be happy to help with a long-term DSCR refinance!

A cash flow study should be performed to ensure that the refinance does not drastically reduce the property's return.Good luck!

Most investors will also take into consideration risk, time invested, control over the asset, the ability to do a cash-out refinance, and other factors.