When it's sold it will be taxed as capital gains tax and may also have some unrecaptured depreciation which is capped at 25% and  recaptured depreciation as well which can be up to your ordinary income tax rate.

The refi, worth current rates will severely inhibit your cash flow. 

Try COGO funding, as this is their funding...go straight to them maybe?

Nobody knew interest rates were going to go  shoot up (and nobody knew we were going to face a global pandemic).

Most lenders will also look at debt coverage ratio which limits leverage at this time due to higher interest rates.

However, with high rates, the next mortgage would be very expensive, and a vacancy would be intensely expensive with two mortgages.

To maximize your investment, use financing options like FHA or conventional loans, analyze deals based on cash flow and cap rates, and network with local investors through REI meetups and BiggerPockets.Good luck!

I was looking at procuring the flooring from Costco for around $2/sqft and having a local installer put it in, but I should check HD and Lowe's to see what the comparable rates would be.

and 5 years is a long window for things to change in ways we don't expect (lower interest rates maybe??).

Market fundamentals to consider: population growth, average income, median home price and average rent, crime rate.