NACA could call the loan if they think you didn't make a necessary choice, they do not consider paying off credit cards as okay.Your HELOC lender can also close the line if your FICO goes down or they find out they are in 3rd position.NACA is an amazing product no down, no PMI, low rate, no fees - you sure don't want them to call the loan.

The people are nice, competent, but the cost-value equation is no longer justifiable. 

Pre-payment penalties can be very costly in a dropping interest rate environment.

Turnovers will cost you a lot and are a pain. 10% of my tenants fall behind and I work with them.

That will save you the PMI without the cost of doing the refi just yet. 

@Gaurav Vedi this is very thorough.Did you also evaluate the increased cost of compliance, admin, and time you will need to invest in executing setting this up and maintaining it? 

My insurance costs went up dramatically after year 1 in one of my properties so I asked around to other local RE investors and found this contact. - Chris Kersey 

He is one of the investors I listen to.We are having a slight leveling, but inventories are still low.  

Many investors from California are choosing to invest in the Midwest because of the low barrier to entry and yearly cash returns making more sense in these lower priced markets.

Leverage FHA or conventional loans with low down payments.Good luck!