- very low remaining mortgage balance!!

With a low 4.75% rate but minimal cash flow ($50–$125/month), your equity could likely work harder elsewhere.

An 80% occupancy rate indicates low demand. 

I could not tell from your profile.

We want to plan in the most tax vantaged ways (which includes keeping future AGI as low as possible) and open to new-age and creative concepts.Respectfully ask to keep discussion to topic vs. selling one's self or services seeking new business.

You forgot to put your location in your profile.

Low taxes, low crime, low homelessness, friendly people, all 4 seasons, etc!

Your profile says you are from CA, are you a long distance investor or are you local?  

I recommend looking outside your area and review who fits your profile the best.

Transitioning to a Second Property with Low Money DownIf a second FHA loan is not an option, here are alternative strategies to minimize your out-of-pocket expenses:Conventional Loan with 5% Down: Once you’ve added equity to your current property, consider refinancing into a conventional loan to free up your FHA eligibility.