Refinace Or Not To Refinance, That Is The Question?

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I currently bought an investment property with an unfinished basement. My buisness partner and i are almost done with this project. He said that it would be wise for us to refinace before we sale the house. And the reason why he suggested that is because if we dont there will be alot of taxes taking out, and we wont see much of the investment. So my question is, do you the people think that is a wise idea, to do that... This is also my first investment property.

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