However I think the area is going to improve in the next few years + have equity gains. 4 bedrooms + 3 baths seems like a decent amount of space for a tenant.

BRRR/house hack/str/mtr/ltr.... leveraged equity building vs. cash flow).3.

You have no more at risk than you do in your own home (where you probably have more equity.) or your own car (where you probably have more risk.) and we won’t talk about if you have a pool or a dog. 

We work hard to keep things positive and real estate-focused (no politics or religion).

Yes, you can do a refinance to tap some more of the equity on the property.

@Sidney Johnson just make sure that your finances and relationship are in a good place to attack this from a position of strength.

Equity vs Appreciation.  

The key is ensuring the property can generate enough income to cover the payments and any renovations you plan.As for pulling out equity later, this depends on the agreement terms.

I have high equity in my current duplex so planning on using that to fund down payment for the next property.  

As a medium-term rental, you'd be in better position to be connected with Insurance Company that way.