While a cash out refinance is a very good option in this situation, you could also look to see if the lender you are currently working with would give a commercial line of credit as well.

I just want to see what options I might have to help me scale with this being my first property.

Consumer borrowers have the option of a 7 or 13, sometimes a 12 if they are fishermen or farmers but none of those allow for restructuring.

Looking into options.  

The condo association has funds for the owner to complete the rehab and the owner has to option to request draws or take the money and control the rehab themselves. 

My home is a magnet for people who want to party, as it's 3500 sq ft and has a history of parties from the previous owner's management experience.I'm looking for some input and advice on what my best option might be.

Hello, anyone here who can help or may have options.

Not saying this is a great idea but just trying to give an example of creative options.

Your water heater is sufficient for one person but most sites I've seen would say it is undersized for  2+ people which would be normal in a 2BR apartment.Instead of adding a new hot water heater, another option might be to add a parallel 20-gallon heater. 

You will have no equitable interest in the property based on the Master lease, so I would suggest also having an Option contract in place to secure your right to purchase the properties.