Cash out: $55,000All money out plus roughly $3,500 in pocket.... principal and interest $767/monthCash flow estimated at roughly: $200/monthMy plan would be to refi around year 4 or so before the adjustable rate kicks in.

I’m looking to pull equity from a property, but I have a great interest rate that I don’t want to lose.

If the index underperforms—or if caps and participation rates limit returns—you might not get the growth you expected.4.

I believe the value would get passed to them and the current market rate. 

It might mean giving up a lower rate but if you do not have the personal capital or do not want to part with it, it is the easiest way.  

But, rates/terms tend to get worse with shorter seasoning periods.

Congratulations, you get to share your partners tax burden and pay the depreciation recapture at ordinary income rates. 

I believe it is 50% down, rates around 13% and term around 5 years.  

They look solid and well built, it's the high crime rates and the developing area thats my worry. 

With those kinds of rents ($5,800 between the 2), even with a 9% cap rate, in my opinion those properties should collectively appraise for nearly $500k.