But basic on the numbers, if you don’t do basic training, the odds of you surviving the battle are greatly diminished.

Below is a slide showing how your ROI diminishes as your equity goes up.Below are two slides that compare 3 scenarios:Max refi (often leads to negative cash flow)refi, but keep the DCR (Debt Coverage Ratio) to 125% (basically a metric that commercial lenders use to make sure the rental income and can pay for the property mortgage and expenses)1031 (or in your case, cash out) into multiple properties. 

Most remodels don't add dollar-for-dollar value, and you'll only be able to leverage ~80%, so that's further diminished ROI.I'd take care of the wall-challenged bathroom and then look into a HELOC.

One thing I wasn't too fond of was the room sizes, they are a bit smaller than I like, but is also typical in these year homes in Jersey.Though the equity is diminished by doubling the rehab cost, it's still there and the cash flow will still be possible, especially with a nice rehab.

But as our two kids age it’s also possible that our ability/inclination to save diminishes.

But as our two kids age it’s also possible that our ability/inclination to save diminishes.

Think about the tax savings as a result of that (this would also likely result in the lower tax bracket).Tax-deferred growth: your investment returns are not diminished by taxes, you will be able to accumulate significantly larger amount of wealth as a result.Self-directed plan allows alternative investments: you can invest in real estate, trust deeds, syndications, tax liens, etc. etc. inside of your Solo 401k plan.Some plans also allow post-tax (Roth) contributions, that means you pay the taxes upfront, your investments grow tax-free and distributions are tax-free!

Also, since the seller isn't motivated, the likelihood of you getting a good deal out of this is diminished.

On top of that, if your relationship with them ever diminishes, they may take back what money they put into the house, destroying the work they did, and now you're left with an even bigger headache.  

When I grasped the idea that the average man was able to become financially independent my years of skating by through some of the best public schools, a UC and a CSU for Graduate school that brought along with it a diminished love if not hatred towards reading and learning all of a sudden stopped, and the desire and understanding that knowledge is power, what you don't know costs ya and ignorance is expensive hit me like a bag a bricks.