With retirement in five years, your focus should be on balancing cash flow, risk, and tax efficiency.

The permit process is efficient and can be completed in 4-6 weeks. 

Tax-deferred strategies like 1031 exchanges and refinancing allow further tax-efficient wealth building.This post does not create a CPA-Client relationship.

I have two options 6.625% 30 year or 6.15% 15 yearI want to invest aggressively in the near future on more propertiesThe loan is only $110k and the monthly payment for 15 year is $563 and $750I will earn 2-3k a month in gross rental revenueThe property is in a declining population areaRecently rennovated, and all major things were relatively recently improved such as plumbing, the roof, a/c, electric, etc.Will require a lot of management as it is rent by the room so I may switch to a normal rental after 10 yearsI'm trying to find what will mathematically net me the most money in the long run.

You could create an operating agreement granting one of you the powers - but it is a fair amount of energy/time/activity for someone to manage and find deals.

Property management....it just make business sense as a leverage point for efficiency of your time. 

Months' supply, a key market balance indicator, is expected to improve from a 3.7 month average in 2024 to 4.1 months in 2025.

212 Loans has consistently adapted and improved over the years.

Say my original loan was $500K, my cost basis with improvements is $1M and I cash out refinance with a $1M loan (can I include the interest of the new loan into cost basis since it’s reimbursing me my cost basis)?

Focus most of your energy on the actual house, the spread, the team and the execution.