It appears to cash flow and could be improved on to increase cash flow.

Cleanup Job (Low cost fast flip): - landscape package in front - remove deck- remove vines from house - clean exterior, fix siding and wood rot, paint neutral beige/gray color - clean driveway/weed, clean retaining wall/pavement - replace flooring with mid grade flooring bottom level, carpet upstairs - replace interior fixtures - paint interior white trim, light color beige/gray walls, popcorn ceiling removal - new kitchen appliancesRehab options:- Replace deck with new one (kind of awkward that high to me) vs Remove and fill in wall or add large window to master.- Potential space to move laundry into upstairs bathroom closet vs basement - Can maybe get away with toilet/vanity replacement in each bathroom- Uncertain if painting or replacing cabinets with ikea type is worth it- Any in-ceiling lighting will cause a disaster with electrical since it is out of date- Repave/fix concrete front porch and side porch - replace/paint railing- Replace front walkway cement, or remove walkway and replace with right angled walk to driveway (may not provide ROI)- Tear down vs paint garage port in back yard

You may feel you are the smartest kid on the block and that may even be true however, you cannot increase another person's risk and shed responsibility to another without their full awareness and acceptance and there are just too many holes in your permise which is why it is illegal. 

I bought a property last October in a small town in Northern MI. The property itself has 3 units on it. The owner/landlord that I bought the property from was renting them out way below market value with no security  ...

Of course, that will increase headache and responsibilities. 

Legally, I can only increase rents by 1.8% under new ownership unless there is a capital expenditure or significant increase in property taxes that justify it. 

If I can justify a rent increase, I will increase the rent and offer another one-year lease at the increased rent amount. 

I would loosen your equity to 70% so you can increase your mailing size.

How much of a rent increase? 

If not that will increase your All-in amount.What are you using for your Refinance loan amount?