If I had just bought this property and could force some appreciation, I could refinance and hopefully extract that equity within a year, for example--but since this house is paid off, refinancing would introduce a new mortgage payment.What are the options here?

My experience has always been better with a local lender.With that said, I am reaching out to David Greene's The One Brokerage about a refinance.

This is a self directed RRSP or TFSA account that allows you to lend your money out to people with the backing of their mortgage for a high interest rate. 1st, 2nd, 3rd mortgages, down payments, refinances, flipping or renovation money.

Hey AJ,I used @Nick Belsky when I did a refinance in Dayton about 3 years ago, he was able to find me a pretty good loan for my circumstance. 

Now I spend 5 years hoping they make their payments and somehow refinance to pay off the balloon. 

The biggest factor will be how long you plan to own the property or when you think you may refinance.

This would allow you to access some cash for other purposes ( Tax Free) because a refinance is not a taxable event.

If you own (2) properties free and clear you could simply do a cash out refinance. 

You’d buy an off-market, distressed property, fix it up, rent it out, refinance it, collect your money from the refinance, and repeat the process.

You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.