Refi? Sell? Re-rent?

[Joyce Hall]

I moved out of my primary residence 2 years ago and turned it into a rental. Now the tenants are moving and it's decision time:

1) rent it out again at a slightly higher rate to improve the cash flow (right now it is in the red every month because I have a 15-year mortgage on it),

2) refinance it to a 30-year to lower the monthly expenses (still will just barely break even)

3) sell it and use any cash for an investment with a better cash flow.

Comments? Thoughts?