I also like to ask them what it would do to their friendship if that person didn't perform on the deal.

I can think of ten different ways how your net will go up or down depending on the agents performance by $2,500.PS: when I was managing a business unit at corporate through the 2010 depression, the first thing the board wanted me to cut was marekting and sales people to combat declining revenue.

ROI is much higher and can out perform those betting on appreciation.

The tenant misses 2 to 4 payments a year or makes partial payments, so it's under performing. 

We performed a cash out refinance 6 months after purchase.

Slightly under-performing in my opinion, but have have plans to increase these #'s this year (July 2019). 

I am performing my first 1031 Exchange with this one and hope to split the proceeds between 3 new rentals, or 1 small (2-4)multifamily.

I would borrow off the properties that are least performing..

. - offer a short-term strategy for them to fund your long-term hold.You can offer 8-11% on their money for a medium term loan (maybe 12-36 months) so you can perform a cash-out refinance through conventional or commercial means after the property has been renovated.

I am not familiar with your region and how the mini-split systems perform, but if the insulation is good and the units are not too big they should be a good alternative.