The recalibration of reserve studies to account for these increases is inevitable, and unfortunately, this will likely lead to higher dues or special assessments, which can hit both residents on fixed incomes and investors hard.

Its still your debt, though, and it would now be the first mortgage and your new loan would be a second. 

That means they are paying dividends out of investor capital or debt, instead of NOI.

In my experience, cash flow is key, especially for long-term holds, so running a detailed DSCR (Debt Service Coverage Ratio) analysis might be a good step here.On the flip side, if you're eyeing faster returns, a flip might be more lucrative.

I was conflicted on DR's adamant position against leveraged debt, however, having a degree in finance and economics I believed I had well balanced approach.

I am hoping to roll these two into one loan and reduce my monthly payment/ interest rate on the HELOC as I will be having the debt long term.I also currently own a 11 spot RV Park which I own all 11 units and is currently generating $10,375/month in rent.

Conventional loans that use your debt to income / DTI to structure the loan require 12 months seasoning to use the new appraised value for a cash out refinance.

Get it under contract, ask for all the leasing leads, why hasn't this seller signed anyone?

To do delayed financing or a cash out, you can go conventional where you use your debt to income / DTI ratio to finance or you can do a DSCR loan if an investment property.

This is what usually leads to threats of legal action by the tenant.