My sister and I run a music school and hope to eventually have our own building.

A carried back a note, but did not record a deed of trust or any security instrument.  

Dodd-Frank is a U.S.A. instrument and has no bearing here.Your lender is not likely going to allow you to refinance beyond a 75% LTV (in which case, you are tapped out) and never beyond 80% (which gives you little in the way of a down-payment - 16.5K).As mentioned in my response to Chad above, you can probably use some of the Tenant/Buyer's deposit, but you would need to have a "plan" {read: access to {near} liquid assets} to come up with the refundable portion of the deposit in the event that things go south.

We are authority figures telling them they can or cant have pets, park here or there, play music loud, pay on time, etc. 

When James moved into the master, he complained about Steve playing music too loud.

Think and grow rich reminds me of the Music Man, the musical.

Bigger Pockets has been instrumental to my real estate investing start and I am sure it will be equally important to my growth.

With past few months, I just drive around from early morning with one bottle of Coke and one bottle of water with my favorite music and left home on very early morning :-) . 

A well-designed legal instrument will protect the interest of both parties.

You should check out the downtown music scene too.