However, if you sign 2-3 year leases and focus on a strong lease renewal strategy, your average duration of resident stay might be 3, 4 or 7+ years like REI Nation and @Chris Clothier.Just look at the numbers:  All-in cost of prop turn: $6k per turn (vacancy costs, repairs costs, tenant placement fees)Potential rent escalation per year: $600 - $1,200 (typical for most cash flow markets)Would you incur a $6k expense every year to potentially make $600 - $1,200? 

Demand was very strong. 

I strongly believe the industry is changing and sellers expect to receive more support and options.

The area has a strong rental market, and property values have not been driven up as high as many other markets. 

You can find strong yields elsewhere.

Also, my income is strong and I have enough for a down. 

Seems like the answer should be a strong, YES, to go forward with the refi for the equity (provided it appraises for higher) and the quarter percent interest rate savings. 

My idea was going to be to add a partition wall to split the garage so each tenant had the own side as well as added privacy / protection.

I don’t care which ones you attend but I strongly suggest you Go to local meetups and network with other investors.

Base closures happen all of the time, so while it can be a strong consideration, I wouldn't personally depend only on the military for your rental base.