With that being said even if we were able to find an attractive refinance opportunity, would it even be worth it when factoring in all the fees associated with converting it?

Hey Wayne,In the DSCR space, most lenders would treat 3 units (2-4 unit) within the same classification as a 'Single Family' DSCR with maybe a small increase in rate, but your leverage options should be about the same (20% down).

As they say, your network will be your net-worth.7.

There are some improvements that i'd like to do to increase resale, and just general upkeep (ie- new tile floor in kitchen, replace fence that is end of life. 

In general, I don't think business cards are even worth buying.

My concern is what will happen to my future insurability or insurance cost increases if I go this route.

Unless your triplex has bigger units with families, it would not be worth it for a financial investment.

I could also increase the NOI by taking over management myself.Seller is motivated to sell because he's out of the area and trying to consolidate his holdings for easier management.  

I have never heard of a program like that - I would be doubtful if it is worth it  - Understand a little about owner's motivation to sell. if a building is on the market for sale by FSBO, by agent or public auction - those sellers listing to sell are motivated - they may try to hide there desire to sell and say things like ''I ain't going to give it away!"

As long you’re comfortable with the lowered cash flow, which will increase yearly as you pay down the mortgage.