I am a property owner in central Texas of a multi-family home.

Is she paying a property manager?

@Jacob Glover seasoning period on a cash out refinance for a new construction property starts ticking from the time you took ownership of land with conventional financing, but requires 12 months seasoning. 

If you turn any two "bonus rooms" (rec room, office, formal dining room) into two more bedrooms, then you're at $5,950+ per month—a 138% increase in rental income.Now, imagine scaling this across multiple properties while keeping lower upfront costs compared to multifamily properties.

Both properties are in A areas with great tenants. 

As long as the Belize property is not part of the collateral your fine.  

I sold my Temple property last year and it was good timing.

I dont see how the risk would be reduced on second mortgage unless you are planning to hold the property in some type of llc.

Why are you communicating with the tenants if you have a property manager?

For 3.5%-5% down, you can purchase a property and get the ENTIRE RENOVATION financed over 30 years!!!