I bought another property with a second home mortgage that I was using as a STR.

Feel free to DM me if you have questions :) https://www.biggerpockets.com/forums/48/topics/1165499-whats...I used a mortgage broker who found me the best rate and terms for my last 3 conventional loans.

I need to find somewhere where my mortgage payment will be less than my current rent so I can build on my savings if I go this route. 

If things were done properly, there would be a recorded easement giving the other property owner the right to repair/replace their portion of the sewer line if needed on your property.

I hope you got an inspection contingency clause put into the P&S agreement as you could still back out if more problems come up in the inspectionNow the cash-out refi could work but that would require you to rent out the property for at least 6 months and pay closing costs again and now that the home is worth more you would have to make sure you will cash flow because everything from the taxes to the mortgage payment will be more per monthWith this being said the profit is there if everything with the comps are correct so I would say if you feel comfortable with it to go with that route.I also now am seeing this is a 3-month-old post so if it is going well then congrats if not then you will get'em next time (hopefully not losing money in the process) but if you didn't do the deal out of fear then I would say hit the books again (aka laptop) and get to studying and learning about all of your fears to see if more knowledge can combat those fearsHope this helps, good luck :)

Fill the other rooms with roommates and use their rent to help pay the mortgage.

Having a mortgage on that home might change some of the answers so just be prepared with how much the property is being rented for, what the taxes and insurance amounts are when you reach out. 

We rent that out, its a great strategy, keeps our mortgage payment down.

There are HELOANs available for investment properties, which are second mortgages that are close-ended (cannot withdraw multiple times).

What can a person do to hedge their risk if interest rates went crazy in the next few years as raised their mortgage payment significantly?