I was all in at $140,000 (including reno and closing costs) and am working on refinancing $50,000 back out of it at the moment which will leave about $90,000 in the property.

Leave the %'s to the Stock Market.2 - Makes you think a bad deal is good, or just as bad...3 - Making you think a good deal is bad.I know, it's "just a general rule of thumb". 

Raising rent isn't going to make them leave as long as they aren't going to find a better deal up the street.

I currently live with my mom who charges me almost 600 in rent and other expenses and I don't plan on leaving for the time being so would it be smart for me to go out and generate passive income and build equity now or just save up and wait?

My attorney friend very much echoes your sentiments though I think it ultimately leaves me with the same uncertainty for starting out.

Many times these people will change their minds leaving you high & dry.

My renter had to leave, her stuff all had to be packed up and she has been relocated, going from one Airbnb to the next, on my dime.

Thanks for the info @Laura Williams, I took the recent interest rate hike into consideration, my credit is not that bad and property cash flows well, I got a little worried about the LTV, I don't want to leave so much equity in the property if I'm going be paying 7-8%.

You can cash out refinance on the investment property with an LTV of 75% - ($285k @ 75% = $213.75k) ($213.75k - $175k = $38.75k towards the down payment) I was assuming this is a SFR - a MFR would leave you with only a 70% LTV for a cash out refinance.New Purchase of $150k requires a down payment of 15% for a SFR investment purchase and a 25% down payment for a MFR purchase. = $37.5k for the down payment if this is a MFR & a SFR is $22.5k for a down payment.Keep in mind you will minimally need 6 months reserves of PITI for the subject property that you are financing. 

They told me they could not handle the rats anymore and decided to leave.