@Scott Vaethif your mortgage rate is reasonable i would definitely not use extra cash to pay it down.but give us more info if you want better advice.for example - purchase price, rehab amount, rough new ARV? 

I was thinking I'd give him an extra $1000 cash when we're all refinanced.

So we sunk an extra $40,000 into the property.

You know it should cost more to have S-Corp because of the extra filings/reporting...What are you doing???? 

And for extra context, rent increase is from $900 per month to $1000 per month (still $200 below the market, and probably more considering all utilities are included).Rent Increase Letter (Due to Below Market Value) TemplateDear [Tenant's Name],I hope this letter finds you well.

It does take extra time but it gives me peace of mind to have multiple estimates.

The center has an extra 20 acres of greenfield zoned for additional retail.We know there is pent up leasing demand, but not sure what is current development costs as we haven’t built a thing since before Covid.Anyone can shed a light as to what is the current per square foot average these days?

Or the landlord had jacked the rent up since it was an arbitrager and didn't want to lose that extra LTR income. 

But my guess is to the reason why people who own a duplex and if they are an investor they don't worry about the mortgage because they have the tenants paying the rent which pays off their mortgage and also have extra left over (cashflow).

It's extra money again, but more likely to last longer than Formica.