So yes, it would be fair to say that I'm a big fan of this approach :)Horses for courses, as they say.

@Jorge Castro I'm not going beat a dead horse over what people have insightfully said: sticking to your numbers and writing them down as hard-set criteria is very helpful. 

Rental comps for these are 3-3.5k/mo of which I owe less than 100K.New primary residence I want to purchase $675K.  2.5 acres 3/2 with barn and 4 horse stalls (possible rental as well).So #2 question: Financing? 

Some of these people know they will eventually lose, but they just use stall tactics to wear you down or live for free.

Whatever you do, don't go the Vito Corleone horse-head route! 

A Smart TV, gas or charcoal grill, some outdoor entertainment (horse shoes, fire pit, archery or pellet gun range).

You're putting the cart way before the horse and you're setting yourself up for disaster!

@Sam Collins First of all ignore frank he clearly is on his high horse and only has knowledge of his market which is very different than yours and likely will never see the appreciation that your Texas market has and will likely continue to see.

Currently still owe 120K.My wife always wanted a lot of land for her own animal sanctuary.So we saved up 100K and found this 12 acres horse farm with 3 barns incl. a huge metal arena/barn with a 1800 sqf , 3 bdr, 1.5 Baths Single Family home build in 1890 on it.

Option #1 sounds good.Look at your Option #2:You have already planned to wait 4 months to save 3k on your current REFIYou are increasing your pool of cast at 2k per month, a projected +8k growth in your cash pool.If you put your cash on that pay down, you say you will save ~1k  (equivalent to 1/2 month) and you take your self out of the market for your second investment for 4 or 5 months.Just be sure to hold your horses for a new investment that has solid cash flow and not be depending on current appreciation rates.Your focus on REFI makes me wonder?