Refi now or wait until I renovate the second side?
We purchased our first duplex. 1 side was vacant and we proceeded to rehab the property. It is in immaculate shape and we got it rented from $525. $175/mo increase.
We have a 98yr old gentleman in the other side. His rent is $375 and we told him he has use of the property until he is done. He is currently in a nursing home and I assume we will most likely have the property back this year.
I am also in the middle of a double rehab on a second duplex.
My question is, would now be a good time to refi from the first? We put around $40 of our own cash into the property and I am ready to find my next deal to keep the train rolling.
Should I:
A: Refinance as current. Rehab when I get the property back.
B: Wait to get the property back, rehab that side, then refi for the full amount.
Thanks for your time in responding!