With rates dropping, it sounds like a great time to tap into your equity for a new investment.

(Don't quote me), but from what I've heard it sounds like you can move on projects without it, but I do know some lenders require it for hard money loans

Sounds interesting.

Also, I'll most likely be using the same firm to buy a replacement property out of state.

End of day, it's been kind of nice to know I can vent a frustration here, get sound advice, and move on.

Talk with your lender about this proposal...  1) Get a solid quote on the roof replacement and share it with your lender.    2) Put the funds in escrow with your bank for the sole purpose of replacing the roof.    3) Close on the property.    4) Install the roof.    5) Get reimbursed for roof expense out of escrow.Most banks are fine with something like this if they know their downside is covered.  

I will definitely ask what we can repair, replace and/ or improve as I usually do.

Dang that's crazy, sounds like a gift from heaven haha.

appreciate everyone's feedback. very helpful and sounded like there will be options to refinance 

It sounds like you're in a strong position with a desirable property, and having $6k-$7k in cash flow per partner is appealing.