I am debating liquidating a portion of my brokerage to pay down these properties to reduce risk.- Would you refi now or wait until rates drop? 

Sounds like the rate you got by buying down a point would also be in line with what we offer as long as credit and the appropriate amount of liquidity are there. 

But if you allow tenants to have pets it is not maintenance free and needs to be cleaned/sprayed down etc.

Kinda nice because now you get to be the bank and collect payment on your terms, instead of the OTAs using the guest's for their own liquidity need until they pay you out. 

Some other information is that I have $75K liquidity and $140K of equity built into my current residence at a 2.625% interest rate.

Hey, I have $80K-$90K liquid money.

A few things to consider when starting out:1) Be sure you have liquidity for the down payment, but also a healthy reserve account, since unexpected costs will come up while owning real estate. 

Hi Kevin, the closest think I can think of for you would be to have a partner who supplies the liquidity on your Operating Agreement.

However, it is clear you have an unusual partnership agreement so it is best to consult a CPA.On the other hand, real estate is not a liquid asset. 

All are current on preferred returns and I’ve had one liquidity event ahead of schedule.