Pay off debt or get a condo rental

[Drew Dim]

To date I have flipped raw land and purchased/demo'ed and starting on one of 3 spec homes on my lot.  After each build I stand the realistically make $100-$125k per. (Based on exact comps 30ft from my lot & values are growing)

While starting the 1st build I found a condo that I'm very interested in as a buy and hold rental (great location and decent price).

I want to find a backer (which I might have) secure funding and make a cash offer which would cost around $55-$60k to own ought right and include closing etc. and pay it back upon the close of the 1st build.

 This condo would be at the 1.95% rule cash flowing app. $350-$400 per month (IF there's no monthly payment!).  That results in just under an 8% return annually (unless unexpected expenses arise-which they tend too).

My business partner suggests I wait, hold onto the cash from the sale to try and by another tear down in the area to build 3 more houses (which do pay handsomely WHEN they sale!).   I'm ready to try my hand at being a landlord.

Open to suggestions:  is it smarted to wait and try and grow the spec home aspect as they are proving to be very profitable and our market is on fire.

Thanks

Drew