Currently still owe 120K.My wife always wanted a lot of land for her own animal sanctuary.So we saved up 100K and found this 12 acres horse farm with 3 barns incl. a huge metal arena/barn with a 1800 sqf , 3 bdr, 1.5 Baths Single Family home build in 1890 on it.

Option #1 sounds good.Look at your Option #2:You have already planned to wait 4 months to save 3k on your current REFIYou are increasing your pool of cast at 2k per month, a projected +8k growth in your cash pool.If you put your cash on that pay down, you say you will save ~1k  (equivalent to 1/2 month) and you take your self out of the market for your second investment for 4 or 5 months.Just be sure to hold your horses for a new investment that has solid cash flow and not be depending on current appreciation rates.Your focus on REFI makes me wonder?

my rentals are in Hollywood, the best was some years ago when I first started, got called to a very nice ladies apartment for some general maintenance, I had seen her at the building in passing and made small talk previously....but, what I did not know until that very moment when I walked into her apartment, was that she worked from home, as a dominatrix.....she had a 4x4 cage in the middle of the living room, chains from the ceiling, leather covered saw horse, and a rather large opened armoire filled with every size and type of wips and various other adult devices.

The property has three large pole barns on it - one is a 4 stall horse barn with small arena that is in great shape.

I mean that in a nice way and only ask because too often I feel like we (myself) included put the cart before the horse with regards to opening LLCs, getting business cards, etc.Also, I think entity structure might be somewhat location-dependent. 

Your closer to the "horses mouth".

From horse shows to tennis tournaments to art and wine festivals, there are TONS of activities that attract renters.

Since it was 10yrs. and i.thought I purchased it an openly had a horse Rescue operating on it.

As a follow up to my Let's Beat A Dead Horse thread, let's talk about where your efforts are.I see new people all the time focusing on the wrong stuff. 

We just accidentally put the cart before the horse!