I would certainly ask about what your future LTV would be on a cash out loan to determine how much cash you would potentially be able to get...your property would need to increase in value considerably if you only put 3.5% down when you purchased it.

A $1million home will have $276,000 in value increase after 5 years (using that same 5% appreciation per year).

It appears the tenants are well below market for Boston and they won't be happy about the increase but this is business.

Also, if you put in money into renovating your current home, you can increase the equity and qualify for a higher HELOC amount or do a cash out refinance. 

How much will you equity increase compared to your rehab and holding expenses. 

Hi Collin,Probably the most simple way is to gather more capital, 20-30k more if possible.

I also want to be out in the country on some land so this increases home pries as well.

With the number of available properties being that low you could honestly analyze every one of them so the specific zip codes and areas aren't as important as if you were looking with criteria that offered hundreds of results.I'd recommend getting on the list for some local wholesalers to help and increase the number of potential properties that you are exposed to. 

Offer to pay him an increase in the interest rate for 14 months.

There's some math to it, it's simple math, but once we get that math down then we know how to offer on a property and structure the transaction.