I use all the rental cash flow to pay these loans off asap, then repeat.

It takes about a quarter of the effort to manage a lease option property that it takes to manage a rental property.

Rental rate?

Or, you could move out and leave this first purchase as a rental and buy another.

Then, I built 4 homes on each parcel. 2 homes were built as rentals and 2 were built to sell.

I have been reading Brandon Turner's "The Book on Rental Property Investing" and have learned a lot but I wanted to get on here and ask for advice from everyone.

If you do have enough other income then you dont even need to lease out this property to start your refinance.However if you dont have enough income to qualify with no rental income offset then yes you will need to obtain your lease(s) and security deposit + 1st months rents deposited before you can utilize 75% of this gross income - your monthly PITIA payment (in terms of qualification on this property refinance.So all in all Id make sure what your current debt to income position is first of all (DTI) and then strategize to see if you even need the leases at all.

Never think twice about it.If we are making some or all of a mortgage payment for a few years on a vacation rental, it's only the interest that is lost - the rest is paying off the asset, all while the asset continues to go up in value through the years.I hear ya man, but I want something that is flowing positive in addition to any appreciation.

Of course my nosey self had to go look up your rental property.

That being said, I had competing issues. 1) my wife and I are buying a new primary residence (much to my chagrin), and 2) in december, we bought a condo rental that is currently being renovated (a much lighter project) and that process is also a little stressful.