What is the best way to re-finance a single family rental property?  I owe about $80K and it is valued at about $160k.  I am looking to increase the monthly rental profit.

How will you increase rental profit? Are you increasing the overall debt on the property or just trying to get a lower interest rate on the 80k? 

Either way, you should shop at least 3 lenders/ mortgage brokers if you want to use institutional lending.

Happy Investing

My thought is to re-finance for another 30 year or 20 year mortgage note and then my monthly mortgage payment would go down and I would get more money in hand from the monthly rent payment?  Am I not thinking this through correctly?

"Am I not thinking this through correctly?"

You are on the correct train of thought, pulling equity and refinancing is the preferred method to increase cash flow. Your equity, based on it's opportunity value, is costing you $2 for every $1 it is presently buying in cash flow. By pulling your equity and investing in another cash flow positive property you should in theory double th ereturn on your cash.