Since 75% of the proposed income more than offsets the PITI of the loan, it's a wash.  

With substantial equity in your Fort Worth rental, a cash-out refinance could free up funds to purchase additional properties.

Curious if anyone has done that since land loans aren't great terms.

Yes Joel, That would be a business purpose DSCR loan.

We currently have a construction loan on the properties and we would like to refi to a more conventional loan.

Transcribing transactions from bank statements, posting transactions to the correct accounts, and then manually creating an income statement, statement of owner's equity and a balance sheet is a fairly time consuming process and I have not been able to keep up with the book keeping between my regular work responsibilities.What accounting software do people recommend? 

However, consider STR seasonality, local regulations, and management demands, and ensure your equity loan and new primary residence costs fit comfortably within your budget.

@Karolina Powell Just some high level thoughtsDeal #1:This is probably something I would only be interested in if there's equity to be had right off the bat or soonish.

In your experience, does one approach lead to better appraisals, loan terms, or overall outcomes?

Joe its all about NPV  and rate of return for investors.. either way your going to take a pretty big hair cut out of your equity to do what your wondering about.