I would never make a decision on a spreadsheet only, too many unknowns about the building itself and its demand and cost to keep up.

Build your sphere of influence by reaching outside to unknown groups;2.

By doing this, I was able to spread out the renovation expenses over six months, collect rent on one half, convert a somewhat unknown tenant into a really great tenant and then eventually I got the other side rehabbed and now both sides are paying market rent!

. - unknown Don't wait just do it!

A lot of unknowns and I was just spit balling off the top of my head.  

There are too many unknowns and way too many issues that you would find out later. 

To him it’s about the equity and unknown prices of rent increasing.

I do this because there is also a drag created (ie. closing costs, second appraisal, unknown with the getting the property to appraise at the higher ARV) when you do a refi. 

My concern is if there are unknown tax implications or a better strategy for me to be taking.

Every thing is familiar, he's comfortable....fear of the unknown is real for him.