Quote from @River Sava: Hey April - Refinancing after a year if there's limited equity depends on your goals—lowering your monthly payment, cashing out, or switching loan types.The process usually involves checking your current loan terms, appraised value, and credit situation.

This approach will help minimize the potential financial risks associated with renovations and working with contractors.

Keep learning and assessing your financial position as you grow.Good luck!

So better to put any fears they have to rest and explain the situation. 

I have a son 2 years younger than your son… How did you go about moving your son along towards financial independence?  

.: I was in a similar situation.

In this situation we have a former-tenant  hyper sensitive to return of full security deposit (when unit wasn’t returned in good condition) and we are  experiencing a few unique damages.

I've already had to turn multiple people away after running their credit reports, so I can already see that it's not going to be financially feasible for me to be covering the fees myself.

Quote from @Jared Leggett: Quote from @Corey Conklin: I know that moving away from home isn't what anyone really wants to do but in your situation it would absolutely change your life, financially (and for the better) if you left.Again, I don't know your situation but I can tell you that a sanitation worker in a small town in Kansas (town of about 12,000 people) makes more money than you do living in NYC.

We have dealt with these situations many times.