On another note, does anyone know of an online insurer that will write specified actual value policies that would allow me to choose the actual value that is adequate for my program?

Not having to work in this example means having the 15 rentals producing enough cash flow to pay all their costs, including all 14 old mortgages and the 15th (new) mortgage that is refinanced each year.   

Surround yourself with people who can help you grow, both locally and through the online investing community.If you need help with financing strategies or analyzing deals, feel free to reach out. 

If you can't improve cash flow through refinancing or rent increases, selling and reallocating the $40,000 equity into a better investment might be wiser.

I recently joined BP, and I’m reviewing older questions:FHA Streamline Refinancing is an excellent option for lowering your monthly payments, especially with the potential rate reduction you're seeing.

From what I was reading about refinancing requirements - seems like some of them require the property to be managed by a management company. 

If property values are stable or increasing, your strategy might be solid.Exit Strategy Since you plan to refinance in 12-18 months, consider what happens if interest rates don't drop or if refinancing terms aren't favorable at that time.Questions you might want to askAre there any zoning or regulatory issues with converting or renting the units as mid-term rentals?

You’d need to file the Articles of Organization with the Colorado Secretary of State (the cost is around $50), get an EIN from the IRS (which is free and can be done online), and possibly draft an operating agreement, which isn’t required in Colorado but is still a good idea.

This adjustment demands a greater cash input at the point of refinancing.

They are super helpful, provide so many forms online necessary for the start up.