If it can be subdivided, financing will become much easier....

You can do an exchange for less than the full amount, but you will owe taxes on the boot.

Do you have the appraisal done?

After refinancing, I walk away with $75,000 in cash but still have $152,000 of my own capital left in the deal ($200K + $27K - $75K).The Issue:When I calculate cash-on-cash return, it shows ∞%, but I know I still have capital tied up ($152K).What am I doing wrong in my calculations?

Eventually they will but it takes some time. 

What can be the disadvantage to keep it aggregated in the coming years?

You can either do this as 2 Schedule E's or one Schedule E: as long as the figures are the same.

Even if it were possible to wait it out and do a "gotcha" at the end, that's just not how I want to treat anyone. 

Where do begin?

Since this will be a cash buy, do I need a seasoning period for a DSCR refi?