Here are some tips to maximize the use of leverage without paying for unnecessary interest:- If the cash out is being utilized for RE acquisition have a strong pre approval and try to align the refinance with the purchase.

It will make your decisions a lot easier and hopefully it will prevent you from having "bad" tenants.

Personally, I have no issues making the full monthly payments from the start, so it seems unnecessary to pay the buydown payment just to have lower payments in the first two years.Additionally, my lender said that if I refinance before the 2-year period is over, the remaining buydown payment would be applied to the principal.

I am starting to believe that I need to learn the tax laws myself since I have lost so much money paying unnecessary taxes because my previous CPA's are not familiar with all laws or they just plug numbers into a software (without strategizing) and then I get hit with huge tax bills that could have been legally avoided. 

As with any system quality install and regular preventive maintenance are required. 

We want to put the equity to use, but prices and interest rates are preventing any decent profit from the rentals we can afford.   

This would prevent newbies from being misled believing made up data that they found on BP.   

Or would I be taking an unnecessary risk with this property that I’m already in such a good position on, considering current rates? 

Dont know your total situation , this idea may suck big time , BUT , if this prevents a major hit on your credit or a bankrupcy , you still have a roof over your head and it gives you time to regroup . 

If documented and performed they will prevent or mitigate your exposure.