You can have the best operator who has the the highest degree of ethics, and you can still lose your money.

As mentioned you are cash flow negative when you consider the additional interest on your new primary, so it’s a lose, lose situation selling later. 

The difference between the two is $4,300 (15%) or $4,000 (20%) but the rent in the area is still around $3,500-$3,700 (so you'll still lose money), but hoping that when interest rates go down and appreciation goes up, you can make money then.

What if instead of refi there was a construction loan or, post rehab, 2nd or heloc was used to not lose the below market financing obtained at purchase via alternative financing.

You can make or lose a pile of money in any of those.

Seems like a potential issue if I stop working with them in the future and lose all access to the listing completely.I currently manage an STR in my local market, but a property manager I spoke to insisted that they handle all the setup on the OTAs vs having the listing under my account and giving them cohost/PMS access.This is my first time dealing with a property manager so I was wondering what everyone's experience is like in this business relationship.Secondary question:As an experienced cohost, do you care if it's an old or brand-new listing?

Maybe they lose job and they tried to pay but couldn’t pay everything this month, so they are behind by say $500, but the next month it continues and now they are behind by $1,000.  

Cons: This property is in the highest appreciating area of the portfolio, so loses some large potential upside.

What stuck out to me was their data driven approach to multifamily,  their emphasis on asset management, and the lower (financial) barrier to entry. 

Both Chicago and Illinois are losing population and are both beyond bankrupt, with tenant friendly laws.