But this requires a complete analysis throughout the investment horizon (i.e.

I could look at the SFH rentals, but I'm still concerned there's a correction on the horizon.

Deoending on your age and time horizon for investing in RE, keeping them both and refinancing and getting 70% of your equity out might be the best play.  

Currently looking for leads in my local outside DC and other places VA but looking to expand my horizon to Augusta this spring.

In short, it has expanded my horizons and allowed me to gain insights into areas and property types that I would have never dealt with in absence of my broker's license.If your trajectory is like mine, and your primary goal is to be an investor(and you have the income and/or capital to support your initial foray into investing,) then I'd suggest honing your investment skills first, and getting your license second.

For deals like these do you just take an interest only refi, for the partner takeout, to lengthen the time horizon with a longer call?

I don't think there's any 'right' answer to your question, because it depends on how comfortable you are investing from afar, your skills, how much money you have to invest, your goals and time horizon.

I am just trying to do something new and expand my horizons! 

As a global investor who survived 3 currency crisis in Russia i can tell you - right now (with 3-5 year horizon) the dollar is the nicest house in the bad neighborhood.

This was pre-Beltline, pre-PCM, pre-H4WP, etc... but all of those projects were either in the infancy of their planning phases or at least rumored to be on the horizon.