I agree with the sentiment but will point out that for the average person the income tax paid is low. 

Jason - I would echo this sentiment!

Would you agree with that general sentiment?

@Dwayne SmithCap rate (market cap rate) is more of measure of investor sentiments towards a particular class of commercial properties in a given market.

I also looked at a few rent comps in the area and I agree with your sentiments on the rents.

If I were in your shoes, I'd likely sell unless there is sentimental value to these properties.

Your refinance could be an issue but echoing the sentiment - if you're stabilized and thus it's likely your property is also worth more than just the Loan to Cost ($1.7MM), your LTV will be at a better marker, a local bank or CU would likely be open to refinancing.

I realize this  house has sentimental value, so you’re probably not gonna want to read the rest of my post....So, look, I’m gonna say this as nicely as possible and of course to each their own: you can only invest every dollar once, and if you want to set yourself up for future successes in life, you should invest it where you can make the absolute highest return, and that is certainly not a lakehouse in Wisconsin.

This situation feels a little different because it’s just land we want to hold and control for sentimental reasons.

To have someone do that is worth a lot of money, an inexperienced homeowner or investor can lose a lot right there.All-in-all, be respectful to your Contractor and expect him to return the sentiment.