If you aren't short on funds, the answer might just be to do both things -- buy the rate down for $42/mo of improved cashflow, AND do the kitchen upgrade that will allow it to command $50/mo more in rent.

Basically my properties are mostly all short term notes now.  5, 10, and some 15 year notes. 

For insurance, look at https://www.slice.is or https://www.proper.insure both are specifically designed for short term rentals and give 2 million in liability and full replacement value.

At the same time, I am reading Brandon Turner book, The Book on rental Property Investing: How to create Wealth and Passive Income Through Smart Buy & Hold real Estate Investing.To make long story short, we will like to purchase our third property in the Philadelphia area.

Long story short the seller accepted my offer and now the deal has to be approved my the bank.

. ($50mil / $150k) GF currently is offering around 20 loans/month so they can certainly reach their legal max in short order.

@Eric Matuszewski There are advantages to one over the other however, it just depends on your overall situation as well as your plan both short term and long term.

Your learning curve in this business will be very steep or short lived.You have received plenty of good advice.

@Bob McGhee I agree whole heartedly...had several sellers who wanted large amounts and a few months following some were in foreclosure or short sale...

This might be a really good time to be purchasing in those price points, as shortly after you buy it's quite possible that a your $440k or $665k home will inflate up to being worth what you can get it for with 5% down - a number that just went up.I don't think the 2-4 unit loan limits have been released yet.