It depends on how much you paid for the property, how much you need for repairs, and the ARV.

Yes, a wide range of prices and decent cash-flow depending on where you're investing. 

It depends on who services the 401K plan.

It's going to depend on what type of loan you're planning on getting, and fees vary from lender to lender...same with title fees.

@Celine Suzzarini It's really going to depend on what your lease agreement states and likely what city your rental is located in as there are some city specific ordinances that could be a factor. 

There will be closing costs on both refinance transactions, and depending on the loan type, there will be a prepayment penalty. 

My best advice is the manage the debt better on property #2(as in recast this), evaluate rent appreciation on #1 and depending on income if you do buy a primary-- you better pay cash.

@Hoa Nguyen it depends on your terms.  

Then you should be living and investing in a multi family depending on your family life.  

It depends on your investing goals and business.