Also, after a year, the mortgage hasn't been paid down by much, especially if it's a 30 year mortgage.The only challenge you may run into is if you purchased it using a low or no money down mortgage option like FHA or VA lending.

Wouldn't it make more sense to raise money privately?

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It really becomes a time value of money calculation based on when you want to sell your Class A rental.

I financed the acquisition of the land with personal and private money.

Get that money working for you.As for where to invest. 

In fact many homes with too high of an occupancy are leaving money on the table.  

Cash and Hard money How did you add value to the deal?

Hard money loan that covered 100% of rehab and 90% of purchase.

I know it is expected that you will need to spend some money after someone moves out but I just didn't expect I was going to need to spend appx. $10k to get it rental-ready.