Great tenant, really sad we still live in this era.The third tenant was an older lady whose only income was limited social security, but she had some savings.

@Robert Weissfeld, Yes, you can sell, cash out half, and 1031 exchange the other half. 

From my understanding, I'll need 20% equity in the house for me to do a cash out refi which may take years to accomplish. 

While your property management companies provide monthly statements, having a dedicated account will make it easier to track transactions, verify statements, and manage cash flow.

Purchase price: $25,000 Cash invested: $5,000 I bought this property in a package of 4.

I purchased a fourplex using a HELOC on my primary residence so technically we bought the fourplex "cash" with no mortgage.   

That property would never cash-flow with today's interest rates.   

Purchase price: $177,000 Cash invested: $68,000

You are buying the property with a cash flow-that's great!

Balance of current loan with private lender is about $470k.pro forma (and actual cash flow) runs about $1200 net each month.Property is owned by an LLC of which we are the two members.Last week I got a quote from a company for a DSCR loan for 9.25%.