I realized very quickly that If there is ever a time to make a leap and try to be an entrepreneur (my life long dream) it was now while I had no family responsibilities.

Try for a 5 year lease but realize that you may be year to year after they balk on it.

I laid my first hardwood floor at age 12 with my dad in my childhood home and realized how much value it added to the house.

Not to mention how embarrassing it was not to realize what an issue it would be for me prior to closing.Anyways, 6-months later my wife got a tremendous job offer about an hour away from this house, which was fortunate because I too had worked about an hour away, and with her now working in the same area I do, we hurriedly put our house up for rent. 

(which will likely only increase over time as rents go up gradually)I realize that so far, none of this has addressed your stated desire to pull cash out on the refi and reinvest.

While cash flow would be nice, I am happy with just paying off the mortgage/building equity.Questions:I realize this is a fairly vague post from a specifics standpoint, but I am trying to do an initial assessment if I should take the opportunity.  

We realize rates may be a bit higher than market but do not want hard money rates of 10% or greater. 

Unfortunately, some folks fail to realize that: (1) such protections may not exist in other states; and (2) even if such protection exists, it may not be as protective when compared to PA law.

Make the mental shift, Reverse the situation in your mind and realize that they are trying to sell something to you, not the other way around.

@Steve Cheslock I don't think you need to be on a primary thoroughfare to realize a successful self storage investment.