I am toying with refinancing my first rental right now also because you know when you get a loan you have to give them your life story now so I figure if im doing one loan they will have everything for the refi also.

I don't have 5% saved up which was part of the reason to refi my current home but I might have enough in toys. 

Before or after high level management meetings we all talked, and I was very open about what I did on the side, everyone was talking about their new cars, new toys, expensive nights out, and all I could do was complain about not getting the interest rate that I wanted on the mortgage note.  

I like going forwards..Same with anything else.. you go out and buy a nice car or toy.. realize that the payments are quite high and that you don't really need something like this.. but instead of selling it.. you look for ways to increase your income to not change your lifestyle.Our mortgage and current housing situation isn't hurting us..

I have been toying with the idea for some time but have gotten distracted or discouraged but with the support of my wife, I have committed myself to real estate investing.

Rather than trying to find the shiniest and newest toys available, you are choosing to take this windfall and invest it.  

Also remember if you're retired you have more time on your hands which usually means you're spending more on entertainment/travel/toys.

I'm toying with the fact that I should work something out with my parents to where we can rent it out on airbnb.

Just because these owners don't currently have the property listed doesn't mean they aren't toying with the idea.

Money is not free and this will help you remember that.Lastly, you should be commended for thinking about how to invest this winfall rather than planning what toys you will buy.