Always be willing to walk away, or, if you really want it you're going to likely pay above what makes the most financial sense to you based on pure math. 

As someone said earlier, show me the math and I will advice accordingly. 

So if I did my math correctly, you have at least $1,600 in monthly debt. 

This doesn't make sense because there are so may costs to refinancing a property that, when you do the math, depending on how much your property is actually worth, the monthly improvement in cashflow does not substantiate the costs to refinance. 

Be strategic and do your homework - if you do, you'll have a great investment property that will withstand market fluctuations.

Hi all, I have done lot of home work but unable to take action yet.

You may find in this environment you will be asked for 30%, 20 year, higher rate, which makes this deal look worse.If you pay cash....quick napkin math assuming 50% of NOI for expenses that leaves you with ~$70k which is a 3% return. 

Ideally we would buy a multi family property here in San Diego and have her live in one while renting the other, but the math just doesn't add up in SoCal now, maybe not ever, so for now we will probably keep her in FL.

That your going to see what MATH has to say on it all. 

The extremely proper English is due to describing math equations and needing to be precise.