Just remember though unless you have deep pockets you need to at a bare minimum stay cash flow neutral until you get the property running and your debt paid off.  

I calculate the returns on the entire investment, since your debt applies to the entire investment.

Speak with lenders - and consider that although they might agree they could lend to you today - they might not be able to when you need the loan.Unless the existing debt has no due-on-sale provision, there will always be a risk of the underlying loan being called.If it were to be called due:1.

Let’s break this down because there’s a lot to unpack here.The real question is, how well is that debt working for you?

Making the wrong hire, overlooking the risks, taking on too much debt.

That's before you pay any debt service.To answer your question: No, it's generally not a good idea to lose a bunch of money every month.

Yes  I think the best move here is to asses your total monthly debt and see if a cash out refi will help decrease the total interest and monthly debt obligation.

This eliminates the problem of increasing your debt and damaging your credit score.

Right now, you have a property with a great equity position, solid cash flow, and cheap debt (interest rate is low). 

Eliminate debt, establish a budget, and save.