Are you looking from a more traditional real estate perspective where you're trying to acquire an asset for long term preservation of wealth, tax advantages, to have guests help out with the mortgage payemnts, potentially have rents and home value increase in time with normal inflation, and are okay with the idea of paying some amount out of the pocket some (most?)

How should I proceed if the terms will remain the same?

I am fairly confident Tatum McDaniel at Jacksboro National Bank said they can, but I believe she said 25% equity must remain.

Instead of refinancing immediately, you hold out for rates to drop, which many economists predict will happen as inflation cools and market conditions stabilize in the coming years.Refinance when rates drop, extracting capital while maintaining cash flow at a similar level due to the lower interest rate.Repeat the process by redeploying the refinanced capital into new investment opportunities.This version of the BRRRR method is more of a long-term play, as opposed to the quick 6-12 month cycles many of us were used to.

If they fail to pay this option, then the option will be removed and they will remain as simple tenants.

YoY is up 6%.Rentals - Availability by MonthThe number of homes for rent remained flat MoM.Rentals - Median Time to RentThe median time to rent increased Month over Month from 22 days in August to 27 days in September.

That is how I will limit the risk and remain flexible. 

You need to amass a large portfolio for it to be passive (aka hiring someone to manage).If you want to be financially independent as fast as you can then you need to do a few things. 1) get as high of an income as possible (this usually takes schooling and/or experience, think high income profession - law, medicine,etc)2) live as frugally as possible (you will sacrifice a lot here, think of not going out with friends, live at home/save on rent, etc)3) invest as much as possible and I mean invest not yoloing on random hot tips (you are starting young, time will be on your side)If you do this consistently and remain highly disciplined, you will get there faster than most.

It’s a great moment to explore what's out there, weigh options, and go for the best fit.For sellers, a slower pace might mean adjusting expectations, but the demand remains steady.

yeah, "lift" aka inflation.