Blackstone isn't about to run out of capital, but this storyline does make a few things clear:1) Capital is actively coming out or real estate and into less volatile assets (bonds/treasuries)2) Independent of company size - if you don't deliver returns, investors will take their capital elsewhere3) Additional indication of reduced buyer competition and softening prices in commercial real estate

There are some additional benefits outside the reduced liability component, particularly for holders - like owner privacy/reputational risk and tax efficiency using the strategy that Joshuam alluded to.

These are good for when you are trying to remove or reduce PMI, get a lower rate, or get a small amount of money out of a property you have paid down.The other main type of refinance is a cash out refi.

I would focus on what you can do to improve the situation (add value, reduce costs, etc).

You can join local off market property sites and find wholesalers which might reduce the cost of your purchase.

I appreciate the input from everyone, other than a mortgage we don’t carry debt, I’ve already reduced,  but not eliminated, 401K contributions to manage the increased HELOC payment.

Personally, I generally don't want to wait more than a year to get the bulk of my money back, and I would be disappointed if I still had any money in a property after 4 yrs of ownership.

You can also use “Buy Nothing …”, thrift shops, etc to reduce cost but these options often take more effort and time (but a great find on Buy Nothing feels great).The average SFH (I recognize yours is a duplex and not SFH) LTR rent increased $700/month in San Diego in the last year.  

Yes, the flow through is reduced by $100k but it will be reflected in the employee's W2.Therefore, the W2 wages is included in the employees wages, hence paying income taxes and the Company paying the 15.3% payroll taxes.

As time goes on, I'm sure you'll refine your process to reduce guest issues and your cashflow will only get better.