If that's the case, I'd rather re-finance to a conventional loan, but I'm afraid of the interest rate spiking up (right now we have it at 4%). 

Don't ever pull the trigger on a deal because you're afraid of losing out.  

Have both, but don't be afraid to maximize in industries you're knowledgeable of or sell/transfer some into and out of the froth or support levels.   

Don't be afraid to negotiate!

I would actually be afraid to make that claim for ethical reasons. 

I'm just afraid that with the amount of new builds happening around town that your vacancy rate is going to go up and your rents are going to stay the same.

"Don't be afraid of failure.

I wonder the same @Autumn I see vacant parks and not afraid of working or putting in money.

Don't be afraid to approach a local credit union.

The penalty is simply $300 which is no big deal, but once they inspect the property and see that some work (kitchen, Bathrooms) has already been completed, I am afraid the outcome would be way worse than a simple $300 Penalty.