While you can reduce your CapEx as your still only saving for one roof, keep in mind you have multiple appliances, heating/cooling units, etc.

Here's my question:Would your refinance the loan to a 30 year and reduce payment (estimated at $450 a month), increasing the income to around $1,450/m or would you take out the equity and buy additional properties?

For newer ECM motors, blocking vents can increase static pressure in the system which means the unit's blower must work harder to continually provide conditioned air to the home, thereby reducing the efficiency (and more likely, longevity) of the unit.

We realized that one of the reasons the politicos were against these was the perception that they are draining money from hotels, and reducing occupancy tax.

Purchasing the 11 units will give me enough ownership to become the president of the association and reduce common charges.

You have cash flow of $700/month but if you can add a property that has the same flow or higher, wouldn't it be worth it to reduce your current property cash flow to add another property that gives you an aggregate cash flow that is higher?

I am struggling to understand how depreciation and taxable rental income should be calculated in the spreadsheet.As I currently understand it: Depreciation of property value (not land) can help reduce taxes on rental income.

What they fail to understand is that equity, due to it's opportunity value, actually reduces cash flow more than having 100% financing.For appreciation investors it is more of a game since they have already made their money.

End result negative 5% return.For this reason it is understood that equity reduces cash flow on a property it does not increase it. 

Very sad to hear all that equity is lying dead in your property likely reducing your cash flow to zero or less.