What really matters is how long you think you will have this loan. 

OO loan seems like real long shot. 

Quote from @Devin James: Im currently learning this lesson with New Builds that have taken twice as long to complete than anticipated.....Finishing a Real Estate project ASAP is critical because...1) Holding Costs add up quickly- Loan Interest- Property Taxes- Insurance2) Investor Capital- Our financial projections are dependent on how fast we can turn our investors capital.

Pulling $110K in equity from a property you originally bought for $108K is a huge win—and a perfect example of why long-term investing pays off.Your reflection on remembering where it all started is so important.

How long have you owned this property? 

Even at $2200 I don't expect to get a positive cash flow for the first year, but that's okay as long as I rent it out and learn from my mistakes for my next investments.

I've heard there's a good chance the mortgage company won't care as long as the payments continue to be made on time but I still want to protect myself just in case.

This is a marathon and not a sprint, so look at it like that so that you can have a long and fruitful career.  

In that scenario - I would worry that our long term renters would not like that strangers are walking up their steps and entering the doorway 5ft from their front door every weekend. 

How long have you had rentals?