Playing with some DTI calculators I’ll be hovering around 50%.

For me, if I had $1M I would go the appreciation play and look to buy a property in an A area that will appreciate over the next decade.

We do not suspect foul play because apparently that tenant's relatives have reported to the remaining tenants that the MIA tenant has moved in with another relative (but did not give that MIA tenant's new contact information). 

Is this playing with fire? 

I work / live / play in the PHX metro area, so you've picked a great market I'm very familiar with. 

But most clients think that we handle things in 15 minutes when in reality a boundryline agreement with a neighbor may cost, 24 miles, 3 trips at 30 minutes each, a bottle of Makers Mark, playing catch with the neighbors BermesHuskLabraSpaniel and a 15 minute consult with the clients attorney who has the form.

You may need to play around with how you word your request, so you won't get charged for an excessive amount of pages. 

At the end of the year, if I am over that average I take out all but 90% percent (I keep playing with this number to make sure I keep enough at the beginning of the year, but not have too much at the end of the year).

But, I am still confused where a refi comes in to play, or doesn't, in your hold scenario.  

Generally speaking, other than a fire wall and additional sound proofing, what other costs come into play w/ duplexes or mfh in regards to that joined wall?