Since any renovations are unlikely to add value to the property, based on this discussion and thinking it through, I'm going to calculate ROI based on a 15 year holding period, looking at what reduces maintenance, risk, and helps keep rents at the level I want.  

To refi an investment in Texas is fairly straight forward if you are doing a rate and term to reduce the payment amount. 

UPDATE 9.21.21    So Duke energy owns the pole and I had them send out a technician yesterday who called me yesterday evening from the site.

It is livable but quite dated and we would want to modernize/ make more energy efficient and maybe even add a small in law unit if he would like to stay in the home as well.

But if the borrower pays off the $120 (likely less since payments being made for a few years reduce the UPB), it's still greater than the initial $60k so do you consider that like a sale and just caulk it up to capital gain?

I just interviewed with a few brokers, and am leaning towards Keller Williams in Elk Grove given the high energy and training opportunities.

Explain that to make improvements to the property requires a little increase and take into consideration their income, time in residence, and try to make improvements that can reduce the overhead.

I learned long ago don't waste money and energy suing someone with no money! 

To paint a picture for you if the energy source ( pad mount transformer, handhole or pedestal) is on the opposite side of the property of the meter.

Tax laws get more progressive over time and in 50 years, you will likely be taxed for even holding equity.You can definitely use some strategies to reduce taxes.