It brought in 120k last year, but I think we can bring in much more as we do upgrades including adding an extra story on top and as we run it as a bed and breakfast.  

If you are paying an extra $1200 a year for something are unlikely to need, how much does a new roof cost? 

Give them a little extra motivation to maximize property income and keep things running smooth like butter.

If this is your primary residence and you have an extra bedroom (or can make an extra bedroom), AirBnb can be very lucrative. 

This extra year gives property owners more time to schedule inspections and make necessary repairs.Key Points:Applies to multifamily properties with three or more units.Covers balconies, decks, and elevated elements made of wood or similar materials.Inspections must be completed by licensed professionals and repeated every six years.Hazards identified must be repaired promptly.With the extension, now’s the time to plan ahead.

This is interesting and I look forward to the feedback.But, I don't know if I want extra buoyancy in a hot tub?

If you don't need the extra money at closing and just want to pay off your current loan in hopes of a better rate, you could consider a rate term refi instead. 

@Vidit Maini Until you are an ESTABLISHED business I would recommend just keeping track of your mileage for deduction as opposed to spending the extra money to buy a “company vehicle”.

We have increased our monthly rent to price ratio from your ~0.75% to 1.1% but the leverage ate up all the extra cash flow (even if the total return is likely higher).You could be a cash buyer and go from your one property to 20 and cash flow 20000/mo but you are still having to buy and manage 20 properties.You can do better on the total cash flow in other markets or rougher neighborhoods, but the story is similar: you are getting an extra ~25-35% in income for 20x the hassle.

Once that extra rental started generating income, he realized the higher interest rate was just a temporary hiccup on the way to bigger returns.In your case, maybe look at a structure that keeps your best cash-flow property on a lighter refi (say 50% or 60% LTV) while you go a bit heavier on the one that’s not producing as much right now.