This was the first property I ever purchased so I have a lot of equity and I feel like it could be better used.

Have you ever been to McDonalds?

The relatives are vacating. only 1 tenant wants to stay through ownership change.

Estimated cost for remaining changes (all new electric, drywall, tile, fixtures, cabinets, roof, doors, windows, heat pump, some siding, and fencing.

How do you prove the change?

I've realized that and want/need to make a change.

I don't really want to invest in a D-class area.Tangentially, what are some of your "it's time to sell this property" red lines when it comes to the changing economic conditions of an area? 

On balance I have made way, way more money from appreciation that I ever did from cash flow.To me the most important consideration is to always have money or access to money, never be forced to sell.

Yes, your rate will change but not much if you have good credit it will go up around 5.875% to 6%.

Very important that you do a lot of research on who ever you do business with.