The smaller payment will make it easier to maintain/build those reserves.

Only con I see if the fees to maintain for license.

Presently owe $75k on a refi'd loan balance of $85k locked in for 15 years (13 years left) @ 3.375%Quick financials presently$21480         Gross Rental Income (16241)        P&I pmts, 5% vacancy, insurance, taxes, lawn care and 10% cap ex & 10% mgmt fee (I self manage though and do not take a fee, however figuring for #'s sake)-------------------------------------------------------------$5239           yearly cash flowProjected cash flow after Refi$3230(I'm down to very little cash - cash built up was put in the single family rehab last year), I've also completed upgrades/updates through the years and have tried to maintain this place fairly well.

I do not have this foundation, so I maintain, my value is in my skills (for now).

So if your property is worth $200k, and you have a balance remaining of $100k on the mortgage, you could do a new 30 year fixed (or whatever your lender offers) for probably around $160k ($200k minus the 20% they will require you to maintain in equity in the property).  

I usually run my numbers like this...Rent minus mortgage, taxes, insurance, management (11%), maintainence (10%), cap ex (5%), vacancy (9%)After all that I aim for $150 to $200 per door in cash flow.Mike

I know that there are companies that are a little spread out geographically and handle the purchase, rehab, and placement of a tenant, but I would be less confident that they would maintain a presence in that particular location.

You also have to pay a fee to maintain access to it. 

The house is an older home built in 1880, but it has been maintained well.

It is a 138 unit in Wilmington, NC. 1984 construction well maintained property with a nice value add component.The property is currently being owned by 2 brothers, who have a construction background and have a in-house manager.