For instance, if my wife and I were to die overnight, we want to make sure that her parents at least have a chance at recovering their capital (morbid, but you never know...). 

For instance if you had a few acres in an undeveloped area, you may use it for camping or if there was water on the property maybe fishing. 

@Jason MalabuteYou hit the nail on the head Jason!

I'll share some recommendations at the bottom of this post.Second, you are in over your head.

only owned a few years so not that deep into payments etc.running full 360 months out at current vs after cash out the difference in the life of the loan interest is about 55K or so ... assuming my math is correct running amortization on both scenarios out 360 months, adding up total interest payments etc.in my head im thinking the long term cap rate gains and cash flow on the property far outweigh the added interest payments over life of loan. 

Matt nail on head. 

I say all of this to give people a heads up before getting into this business.

Just wanted to give you The heads up to not trust the real estate agent listing and actually go on the city GIS to see the zoning.

If you are someone who won't be commuting to work every day any longer, it may make sense for you to head farther out into suburbia to get your dream house!  

My head is swimming in numbers so I fear I'm not seeing clearly.