Rates and fees associated with 2nd's more often than not make them more expensive than refinancing the 1st and pulling out more equity with a new 1st trust deed.

Our HOA dues are also very low, so every few years there is a major repair that requires a cash call.The property was refinanced under HARP in 2012 at 4.5% and I have around $115,000 remaining on the loan.The HVAC and other appliances are all from 2005.

The plan is to move into one of the units myself (for however long is necessary), then once I can get refinanced, move onto the next property.

I recently refinanced my student loans to make the smallest payment per month over the longest period as I want the cash to invest with. 

This is amazing to get me started, and helps point me in the right direction re: financing, funds, and location; I'll definitely search for some LLC threads, too, to see about that.And lol at the high school stuff.

How do I base these current numbers off of a loan that has already been refinanced and has gained appreciation?

I’m currently aggressively searing for my first brrrr deal and in the process of my leg work and due diligence I’m making sure I have refinancing options in place and sorted out so when I get there I’m ready to roll.

Refinancing wouldn't be necessary unless you wanted to use the FHA loan again.Also, be sure to look into the FHA 203B or 203K loans. 

The purpose in refinancing would be to bump up my cash on cash return.

I do like the idea of keeping the second mortgage in place (even though it is a high payment) because every payment of $917, my balance is reduced by about $700.Also-- what kind of fees go along with refinancing this mortgage?