Pay off debt or...

[Dale Plant]

Hello;

My situation is as follows:

I have been dealing with a physical disability for 14 years and have been unemployed for that entire time. As a result my skill sets is my career have diminished a lot. I am getting close to being able to return to the world of the employed. I have started an online business (very early stages). So hopefully I can start generating some income there.

I always wanted to get started in real estate investing and bought a 2 unit while I was still working. I collect $1000 m in rent (family). The remainder of my income is CPP Disability of $800.

I have an opportunity to work in Fort McMurray for a few months for an understanding boss(family) who can work with my disability. I can bank 50K rather quickly with this job.

This is actually a big risk for me as I would lose the disability money (which I want to) and there is still some health uncertainty and the job is across the country.

I owe about $40K on the house and could probably sell or remortgage for $80--90.

You may be wondering about these numbers. I live in New Brunswick Canada and the cost of living is low here. My house would probably be $250+ in Toronto.

Options:

Bank $50k

Existing Mortgage $40k

Property Value $80-90k

I am not including any income from my online business here

1. Take $50K and leverage buy property $200 - 250k. Keep 1st property as is.

I would have expenses of 2 properties.

2. Pay off Mortgage and use current property as collateral by remortgaging. So I would have 2 properties. $50 - 40(mort) + 80 with expenses of 2 properties

3. Take 50K and remortgage for another $30 -40k, 2 mortgaged properties with income and expenses.

4. Sell and move to newer property. Owner occupied has tax advantages (same for US?). This would give me the $50 + $80(estimated sale) - $40k mortgage. One property with correspondng mortgage and expenses.

If I did sell I would not be hit with additional fees to pay off early

Every option is risky of course but I am looking for things I may not have considered and what ideas people here may have.