The Porsche increases in value and rents every year and eventually the rental cash flow is a high ratio to purchase price. 

As FHA values were just increased in Cook County for 2018 by 40K for almost every type of property.

Generally, insurance payouts reduce the basis in the property while the funds spent to make the repairs either increase the basis or might be able to be expensed all at once, depending on the nature of the repair/replacement and total funds spent per item.

Concentrate on savings, living frugally will be your best approach to increasing savings.

I was hoping to refi in a few years and get cash back out at the new value after rents are increased.

Comparable sales on 3 Bedroom two Baths in the area is from $120,000 to $150,000 move in ready as this one is the $15K delinquency is PTI and increasing every month, and the owner finance buyer bad credit will not allow refinance as you suggested Jay.   

I also made mine taller, which should increase the stack effect and make them more efficient.

She agreed, I gave in to resistance and increased my cash flow.

Here are the numbers I've calculated  based on 80% refi of all 3 properties, at 30 years, at 5.25%:Item                              Current                 Post-RefiCash available         $        0                   $300,000 +/- Cash Flow/Year       $   65,000              $  52,000 +/- Re-invest $300k from Cash out as 20% DP on more properties (there's an even better way than this too)& using the same ratios of ARV to NCF, you could increase your NCF an added:  $78,000/year; to $ 130,000/yearYou are sitting on a Gold Mine here, and you're thinking like a "homeowner"...not an investor...although you're not alone.Your Options:  Limited by the maximum Cash Flow from existing properties after complete payoff Max CF/Year                                                                                    =  $   95kCost to do this (pay off all mortgages using your cash)          =  $  456kNet result                                                                                        = - $ 361K  (that's a loss)REFI ALL Option:  Limited by ???????                                                                                                             

I would talk to your CPA first.I have bought at year end to decrease my liability and or increase my passive loss from year to year..