We put 40,000$ into it and then refinanced.

I am confused on refinancing poperties to turn profit; can anyone explain to me what refinacing is in simple terms.

You could bring in a debt partner who funds the project and you pay them an interest rate say 10-12% until it’s refinanced.

We are thinking about refinancing at some point, pull out some of the equity and reinvest it in San Diego also. 6.

@John BucknumI refinanced a similar property a couple months back and terms can vary widely from one lender to the next.

I have also had seller financing work out so that we could afford to do the renovation for six months or more, and then refinanced out of the seller financing.  

Refinancing isn't wrong but I would be hesitant to refinance $24k worth of credit card debt without knowing the cause.What caused the credit debt?

This is a great time to consider refinancing, as rates are low!

If you own it, then you also won't have the family wanting to give input on the renos.As for holding onto it and refinancing, pulling out all that money will make your mortgage payments alone close to the rental income. 

.- If I go with #3, do you think that would be worth it to gain control, and then in November I could start refinancing into a 30yr FanFred for a better rate?