The VA loan option mentioned here may be a smart bet.

Kind of nice to punt those major cap ex down the road, but it is a rental and I don't want to over improve the units if that's not smart either.  

That doesn't seem like a smart strategy but maybe you can enlighten me.  

@Daniel Dietz this is extremely smart and well thought out.

I think its a smart bet for you since its a triplex and Gavelston is such a cool tourist area I would think the property would asses for a good amount that you could pull out.

@Chris Seveney   Thank you for your reply.Yes, I am trying to get some opinions as to whether will it be smart financial move, going from the 15 year @2.875 into a 30 @ 3.75 (as of today, no points) w/ cashing out about 100K.JC

Her credit isn't great post-divorce but she's smart, and willing.

I had one smart *** group with a safe as large as a double door refrigerator, full of dope that they were selling to the guys at Tampa U. downtown, where all the spoiled, rich kids go. 24 hour drinking between classes with "Holier than Thou," attitudes because mommy and daddy were paying all the bills and they all had fancy, new cars etc.

It has to do with smart time management.I have worked with retail buyers and then find out that they're also working with other agents. 

@Fili AguirreIf he is smart he files bankruptcy.