I have a bank willing to lend on the deal but will need to provide equity and cash reserves of $1.2M.I've raised capital prior, but not this amount. 

One of the most common struggles for aspiring fund managers -- current cash flow.Many fund managers are struggling in the short term to produce cash flow for their business.In a typical structure, fund managers (specifically referring to folks who leverage SPVs to invest into specific deals or funds) -- may earn 1-2% upfront as an acquisition fee and earn the rest of their compensation in a profit sharing split once the preferred return to investors is achieved.

The long-term adverse impacts if this were ever to come to fruition is the loss of jobs, the loss of tax revenue and decreased property values, all of which Bissen has acknowledged.Some owners are attempting to cash out because they don't want to wait.

Buy or inherit and hold for a long time, then cash out and redeploy equity into potentially higher cash flowing properties or other investments.2.

I’m looking for more appreciation than cash flow, although having both would be nice.  

Are you looking for high cash-flow with minimum appreciation or are you looking to invest in a growing city that is projected to see greater appreciation? 

Should I refi and get extra cash immediately or should I refinance and lower my payment to build better cash flow?

I just purchased a 4-plex for 550,000$ cash flow after all expenses is 700$/month.

This has definitely put a strain on our monthly spending, and feel a bit stuck atm and we really don't want to stop adding to our other investments bc this property makes us lose cash month to month.

I use them, but I have the cash on hand to pay it if need be.