Extract yourself as cheaply as possible because you aren't going to get that money back.Don't beat yourself up over it, we've all had the tenant who didn't pay on time and we let slide a little.

Without extracting equity out, these markets would have cash flow far in excess of the cheap markets that initially had better cash flow but historically have rent increases that may not even keep up with inflation.In general, when property appreciates the rents increase. 

People are far more interested in the value and extracting what they can.

Sure, you might be able to extract more value from a condo conversion, but on the flip side you are taking a significant risk, as not you have to think about and cater to the buyer, which is very different then the clients you are current catering to.Just my 2 cents.

I would def say sell for another property and extract the entirety of your equity if the ROI on this property is going to drop below your target number and you can do better elsewhere. 

Figure out how to extract data from public records, if that's possible in your area.

An agent would / should have extracted what was needed (e.g.

A purchase in San Diego 10 years ago would have outstanding cash flow if no value was extracted. 

That is my plan, but although they know our current net worth, I don't let my kids plan on this - I tell them my plan is to extract value from every dollar of our net worth, party to death and die with exactly zero net worth!

I'm imagining a strategy where you refi upwards every year, extracting equity, and this basically causes your loan payments to keep pace with annually rising rent payments.Conservatively, suppose your lenders require 25% down/equity, and your property appreciates at 4%/year.