Also, make sure you put in a clause that there is no sub leasing.. bad things can happen if your tenant decides to rent out the apt without your knowledge 

House went off the market, but will stray away from flood zones due to extra insurance cost.

The neighborhood has all the makings of an excellent neighborhood for investing, but does something like this make investing EXTRA risky.

My husband and I are at the best financial place we’ve ever been and we are wanting to put our extra $ into real estate investing.

Morgan Stanley agrees:  https://www.morganstanley.com/spc/knowledge/managing-wealth/research/Millennials-Put-Pressure-on-Tightening-Housing-Supply.html?

If you can really get $325 per night and have decent occupancy, you can use the extra AirBNB income to make additional payments on your primary loan, to slowly reduce the interest and timeframe.

I would determine how much more you will pay per month with the refinance compared to how much extra cash flow you will make per month by using the refinance proceeds to acquire another property.

My worry here is the long amount of time I'd have to carry this extra debt, and that it might sour an otherwise good deal with this payment on top of a commercial loan. 

Go to the local REIA meetings so you can fast track your knowledge of the area.  

It sounds like you need time to prepare, moving is tough.I have not been to Montana, but hear winters are extra cold and snowy.Have a Merry Christmas and Happy New Year while you take your time getting ready.My $2.