You have used home equity lines of credit to purchase investment rentals and want to know the best way to pay down the HELOCs.Between the two properties you bought, after expenses, you have $250 a month positive cashflow to use.What I like to do is pay down some principal every month with my positive cashflow.I use my extra active income from real estate commissions helping other investors to pay down the principal even more which just frees up that credit for me to use again.I know I can refinance the HELOC debt before it changes to principal and interest as it is just interest only payments as yours are.One difference is the cashflow, I have greater positive cashflow and could make the principal and interest payment in the future with the extra cashflow I already enjoy.I always get HELOCs on my income properties as well after purchasing them to pull out as much of my downpayment as possible.

Although whichever option you go with make sure you're also thinking about the long-term property value and what makes the most sense vs trying different angles now that negatively impact future resale/property values down the line. 

Income Levels: Will your AGI decrease in future years below the $150,000 threshold?

I'm very bullish on its future for real estate.

However, ensure you understand the local tax structure and any potential future changes.Economic Dependence: While Albuquerque has a diversified economy, it's worth noting that government and military jobs play a significant role.

I will be sure to increase my rice in the future!

At that time, my friend encouraged me to get into real estate with the idea of creating passive income and wealth in future (via appreciation).

I may look at out-of-state investing in the future, but I think good deals can be found locally (which I think you acknowledged). 

Will refinance if rates go down in the future. 

At some point in the future, the economy will have another crisis.