Increase earnings, reduce expenses, save, and invest.

I think the combination of fed cuts, insurance carriers slowly coming back, population/job growth being steady, future new supply dropping off, and a few other things bode well for rental properties in the coming years.

Should I take out equity in the home towards a crash pad and/or doing some minor upgrades on the home OR should I save up to get into air BNB arbitrage to increase my money flow and put that towards fixing the home and eventually obtaining a crash pad.

If I refinance, my rate would jump to around 6.5/7%, increasing my mortgage from 2,500/mo to 3,500/mo, give or take.

Lot Rent: And to top it off I filled the space that now pays me a lot fee which for a bonus quadruple dip increased the value of my community.As Investors and Entrepreneurs, we get paid to solve problems.

I have an IRA/SDIRA and stocks/bonds increase in value, the balance goes up each year (minus the mandatory SEPP payments) correct?

Still close by but much more friendly tenant/landlord laws, property taxes are 4th lowest in the Nation, strong appreciation, job growth, population growth, etc. 

Waiting might increase value, but your renovations could attract buyers quickly. 

Detroit's population is actually growing according to recent surveys not shrinking Census Bureau estimates: Detroit population rises after decades of decline, South dominates growth (michiganpublic.org)2. 

You have no ability to make improvements to increase the value (and benefit as the owner); you can't deduct mortgage interest on your taxes as you don't hold the mortgage; and you can't own it while the value rises over time.