Bi weekly payment plans are really marketing trick to get you make a couple extra payments per year and pay down principal faster.  

Looking at my amortization schedule for this property, this is the breakdown:Principal: $160,000Interest: $72,696.33As you can see, I will pay ALMOST 50% of the principal over the term of the loan.

For example, when it comes to CapEx (like you mentioned), you can focus what's going on within your 4 walls because the HOA budgets for the roof, siding, plumbing, etc because it's all common among the other condos.As you likely know, all that matters is that your PITI (principal, interest, taxes, insurance) are covered by your collected rents. 

The rental income was about $3,500/mo, which totally covered our Principal Interest Taxes Insurance (PITI).

There are too many benefits to reap such as principal paydown, tax savings, and appreciation on an OO home.

BUT, if me and my girlfriend lived in the 2bd/1bth unit and rented the two 3bd/2bth units, we could potentially have the principal & interest covered and live there for free and only cover CapEx/Repairs.

.) - Usually 6-12 months of P+IDSCR = NOI (Net Operating Income) / PITIA (Principal+Interest+Taxes+Insurance+HOA)The property value is determined by a "rental" appraisal. 

It is going to be interest only payments until I can refinance to pay off the principal balance.

@Arman A. my vote is:Option 2 - Sell the place and buy two properties possibly a duplex.I say this because if this is your principal residence you can avoid capital gains taxes.However, if you are looking to buy two properties in California, that might be a difficult task. 

Assembled the team (principally architect and builder).Brought vision of creating a unique, beautiful ocean front home that did not copycat other home designs in the Outer Banks.