@Joshua TellesDepends on the interest rate you can get and the equity you have.If your rates on your existing properties are lower than today’s rates then it does not make sense to refinance for higher rate debt.

Effectively turning a 2 unit property into a 4 unit. 

Ideally, we'd love to find a duplex or multi-family property with the potential to live in and rent out.

She’s for real estate (I think market is over inflated) but in the past we use it for rainy day fund vs holding $ for repairs as well as acquiring property via cash to rehab and sell.Regarding equity shares I would read the fine print as from what I have read you basically are selling your sole to those companies for a small payout to start but giving up a ton of equity

I've currently got 2 multifamily properties here with 5 total units -- I live in 1 of them.It's been extremely difficult to find multifamily properties that meet the criteria that I'm looking for through the MLS, and when I do, they're extremely overpriced.

Also how much is the first mortgage and is the property even worth keeping?

Can you provide more details on what the property is like?

They will focus on analyzing properties instead. 

We currently have one rental property that is fully paid off, generating $2,150 per month in income, with expenses around $1,000.

I own a property free and clear, that I want to rent out.