Most lenders sell their loans out.Nobody wants a loan where the asset is underwater every month.The real question is, why is a property worth over $1M only producing $4,000/mo.You should consider raising rents as this seems significantly below market.

The marketer (guru) severely understates the amount of capital, time, and knowledge needed to produce successful results.And the above mentioned are the BEST case; not even mentioning the guru strategies that are fraudulent, illegal, unethical, and plain not realistically achievable.  

Each strategy produces slightly different rent rates.

However, you will find it difficult being that both of you are W-2 with your main activity to produce income being outside the real estate profession.

Folks forget rates did not drop below 6% until 2009, which was due the nearly collapse of the world economy and of course the rock bottom 4 and under was a result of the world shutting down due to covid.  

@Michelle Reid Both LTR and STR strategies are viable and currently producing good results in the current market, which isn't easy to find everywhere else.

While migration to Austin city limits has cooled, the surrounding areas are experiencing remarkable growth and present strong investment opportunities.In places like Williamson County and Hays County, fast-growing markets such as Cedar Park, Round Rock, Buda, and Kyle rank among the nation’s fastest-growing areas.

Quote from @Brandon Croucier: 20% down is terrific on land.It’s a non income producing asset which has increased volatility, typically I see 65 LTV max on land as of late.Thank you Brandon!

This implies the higher ratio areas actually produce lower cash flow over long holds.- it does not forecast rent growth or appreciation into the calculation.Those are not areas i desire to invest.  

The refi or additional debt of any kind will impact the current performance of your property I'm never a great fan of selling a good producing property - unless I am certain I can improve the overall performance of my portfolio.