Even if you lived there for a year or so and decided to sell it, you could theoretically even lose money on the sale, but what you gained from house hacking for that period of time would out weigh that loss.

You can lose your EMD.

You're the business that keeps accepting overqualified applicants for key positions and keeps losing them to headhunters because they have so many options other than working for your stingy self.So I guess my slumlord bonafides are now fully on disply with this post, but I'll continue treating my tenants like human resources to be fully exploited to the best of my abilities (just like a corporation), and you can keep on looking for exemplars of the finest past conduct to fill your vacancies (people whose next step is buying a house when they get sick of renting, with their good credit and excellent record), and we'll both do well in our market segments, you in your clean Canadian suburbs, me in my Rust Belt ghetto cesspits.Frankly, if I had a tenant applicant show up with the kind of clean record you're looking for where I own low-income rental properties in the 'Burgh, I'd immediately suspect identity theft.

Now if you are losing sleep because of the 4% than the amount is too much. 

You could prolong your financial suffering and continue to supplement his rent but your best option would be to go directly to $1550 and stop losing money.

I'm currently a college baseball player.

If you refi, you’ll get $23K or $35K back (taking out closing costs), but you’re losing your cash flow to interest and closing costs.

I would hate to lose money filing and the tenant decides they’ll pay when they want.

in Jackson its the RIG meeting once a week.. keep in mind though advertising a property you dont own in MS is not legal.. its done every day but if someone turns you into the department of real estate your going to spend some money defending yourself.I had a client in MS.. now granted he was a volume player in the turn key space but he would advertise his BRRRRs before he owned them. 

What happens if you buy another property like that.. now you are in the hole $1000 a month.Sure your net worth would be higher in the end, but what happens if you lose your job, get injured sick etc... you now likely lose that property.