These plans were already here to get my 20% equity, refinance, and reuse the FHA program. 

I explained at that time that i understood if they needed to go that route, but I explained that I couldn't maintain the rent that far below market.Fast forward to now and as more time goes on, they are growing on me as neighbors and so not only would i not want the wrath of the neighborhood if they are forced to move, i also would like to keep tenants that i know are great neighbors while i reside there.So all that being said, if you were in my shoes would you take an income hit and not increase the rent or only increase it by $75 or so in favor of maintaining a quality life with good neighbors?

I now owe $450K on the loan.If I refinance the property now valued at $1.7M and we can pull out $750K in equity with the refi, what are the tax implications?

Hi Drew, I have been crunching the numbers and running the projections for my grand entrance into REI early next year in Texas, and basically came to a similar conclusion to flip for cash and buy-n-hold for longer term equity buildup.

Price / Rent Ratio - lower the better Avg Median Income - feeds into #2, not as important on its ownAvg Median Price - feeds into #2, not as important on its ownAvg Median Rent - feeds into #2, not as important on its ownRent % of Income - rent should be >1/3 of incomeSociodemographic Rank - should be high (used this article)Population Growth - should outpace US average (used this site)Jobs Growth - highger the better (used Forbes data: example)Law Favorability - should be landlord-friendly (used Avail: example)State Tax Favorability - should be favorable (used this article)Poverty Level - should be low (used city-data.com)Crime - should be below US average of 290 (used city-data.com)Industries Present - should be diverse (used city-data.com) Here are the markets I evaluated: Bend, ORGreenville, SCCharlotte, NCMeridian, IDMidland, TXSpartanburg, SCHuntsville, ALKent, WAWithout any further delay, here is my market analysis laid out with selection criteria and markets: As you can see, the Top 2 Markets are: Meridian, IDCharlotte, NCand they are mostly green across the board, hitting all selection criteria, at a reasonable purchase price for my first investment at a young age.Now that I've completed a brief analysis, I'm looking to dive into deal finding and developing my Core 4.What are your thoughts on my preliminary market analysis?

With about 60,000 in equity.

I would not be in the least bit concerned but if you are you should pull out all the equity from the properties.Invest it in a REIT or income fund and it should easily will double the return it is presently earning.  

Is there enough equity in the property to pay off the lien at closing?  

It's great because I essentially have infinite returns on those properties, but it's also a pain to do his statements every month and now I have to share my [tons of] equity with him.

In the 30s, public opinion turned against anything over two units, so finding newer multis is a really binary search - either 1914 or 2014 (since the past decade as Boston approaches peak population again has turned favor back to housing density, and rents warrant the cost to build).