You need to time your refinances to stagger the balloon dates/years.What I would do, if I were in this spot, is to time your next refi to include taking out some of that built up equity. 

Built in 1961 get an inspection done by a licensed inspector.

In order to convert back to a 3 unit residential, the town is asking to install a sprinkler system.

Contract with a licensed real estate agent to show the property, negotiate the lease and collect money while you are out of town. 

That being said, I found one in a smaller town in Iowa, called Hudson.

And lastly the town I live in https://altos.re/r/15fd2d9 you can see this is upper end for the PDX area and things are softening on the 1 mil plus.I am thinking of taking my chips off the table pretty soon...

I am currently active duty Air Force and I am getting ready to move to Las Vegas for my next duty station, I'm originally from small town Iowa and currently living in Texas.

But there are pockets around town that pull some strong rental numbers. 

If you buy in the bad part of town, you will have issues attracting quality tenants.

I have 229000 left on the current loan and I don’t believe I will be able to get more than that from a new construction loan.I believe I need to pay an attorney to get me out from underneath this guy and find someone to get this thing built to at least get a certificate of occupancy within the budget I have.