Covering my bases!

This is obviously much better than $1,400 per month.On top of that, you will now get 2x the depreciation write-off so your taxes should go down.On top of that, you will now get 2x the appreciation when real estate price go up.On top of that, your tenants are helping you pay down the loan, initially at about $100/mo for both properties, which gradually gets better and better.On top of that, you now have more units so if one or two goes vacant, you have more renters covering the losses of the vacant units.If you want to keep these properties, I would do a cash-out refi and go buy more rental real estate.

HOA covers twice daily valet trash too. 

My business partner and I financed the deal for 1272 Lakins Rd entirely with cash, covering both the purchase and all renovation costs.

I do have reserves to cover contingencies.Let's just say, I'm satisfied with those numbers.Had I had to use a bank, I would have had to put down 20% for $33,000, plus closing and my payment on the remaining would be $1400 PITI including HOA. 

This statute section covers items on PMc's, and as detail here, an exclusionary clause to the statute which via that exclusionary clause it there in becomes an empowerment for the referenced actions being exempt from the prevailing statutes for that item.

In the meantime, the funds have been reducing or suspending distributions to pay for value-add, cover increased costs, and to prepare for any required refinancing.So it will be a balancing act of dealing with the increased costs, managing refinancing, continuing to add value while waiting for valuations to rise significantly (partly from value-add, partly from lowered interest rates) before exiting.Disclaimer -- not advice, just some perspective on what's happening.  

IF you plan on going back someday, and this is the home you want to move back to, then renting it would be a good idea as long as you estimate that it will cover itself, or preferably, cash flow, which it appears that yours will at @ $2K or so per month (after expenses). 

You’re giving very limited information which forces people responding to cover unnecessary points. 

The refinance step is where you pull out this equity, typically in the form of a cash-out refinance.Here’s how it works:You refinance the property at its new appraised value (after rehab and renting).You take out a new loan based on that increased value, ideally for the full amount or more than what you originally paid for the property.The goal is to pull out enough money to cover the cost of the original purchase and rehab (or even more, depending on the property’s appreciation).This allows you to recover your initial investment, which can then be used to buy your next property.5.