Therefore, eliminating the deduction could seriously impact homebuying, especially among less sophisticated buyers.

I think opening walls makes a huge impact for short money.

. $625 - $916 (10% return on $110K equity) = ($291)Of course this is only how I value cash in equity as most cash buyers place zero value on the actual cash tied up in a property.If you financed, as you suggest, and distribute the cash to minimum DB on numerous properties you could double your income assuming of course you are a long term hold where real estate values do not impact held properties..

Appraisal, Inspection, Fire system inspection,  and Phase I Environmental Assessment to name a few possible costs.  

We plan to get this done in the next couple of months.We have tenants in the units so want to make sure we give proper notice and want to know what are the things we should keep in mind when doing the work so the they are not impacted.

Again from my understanding (and I re-read the proposal) this has zero impact on lending.  

There are a few trade offs to be aware of:CF leading up to that point is diminishedLess flexibility due to a larger mortgage payment each monthHigher DTI, which may impact your ability to purchase other propertiesOnce paid off you remove one of REI's profit areas: mortgage pay downFor me the biggest down side is Return on Equity.

Plug in higher expenses than what you anticipate, so if for your expenses come in below your expectations, your net operating income won’t be impacted.

Jones as regards the current market cycle, paying down mortgages will not have any impact whether things get better, worse, or stay the same.

Once a pickle, she'll never again be a cucumber so if her drinking has an impact on your rental property and effective management as you've alluded to (and there is apparently a history) you're on notice of the ongoing problem.