@Mackezi SpearIt’s won’t be too big a project to take on, as long as you have an extra 20% of a construction slush budget tacked on.

It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees.

Plus, getting the extra three years is only going to cost you around $75 per month which really isn't much.

Sorry to bother you guys with my mistakes but in August of 2019 I loaned 50K to my wife’s sisters husband, he was supposed to return the loan in November of the same year with a $5K extra ( so 55K total) that Didn’t happen.

We allowed the family an extra 4-5 weeks to move out and then we started the renovation.

Seeing the numbers and the math makes refinance a little bit more clear to understand.So pretty much, the new 154K loan that we receive is used to pay off our original hard money 140K loan, leaving us with a little extra cash (14K) for ourselves.

I would allow their lease to expire and replace them with new tenants if they are unwilling to pay the increased amount, which at an extra $300/month I highly doubt they would. 

Ex 1 bedroom, $1150/month, for a limited time 1st month free and garage parking included at no extra cost when availability lasts! 

I'd say pick a hobby you are passionate about and figure out a way to make money while doing it for extra cash. 

However youre right with that you see an extra cost for management, lawncare, etc.