Next Move--got any advice?

[Daniel Vella]

New-ish investor. Wife and I have one rental and are currently in our second live-in flip in Charleston, SC. Question is what our next move should be. Circumstances:

-our rental is an "A" property with strong history and reasonable cash flow. 

-downside is that the HOA fees have increased, and are slated to increase further and gradually, cutting down our margin.

-Equity in the rental is about about $135,000. Have a HELOC lined up on Primary for $25,000-30,000, and $25,000 cash.

We are looking for multifamilies in neighboring cities because Charleston is a crazy market. The options we are entertaining are:

1) Selling the rental and 1031'ing to one or more multi families (we can handle 4-20 units)

2) Cash-out refinancing the rental to pull out the equity, keep the unit, and not mess with 1031 parameters (though the new interest rate may narrow the profit margin too close for comfort)

3. Use the 25k we have liquid as a down payment on a property and just keep acquiring rentals the old fashioned way

4. combine 25k cash and Heloc for a larger property.

5. Something brilliant that we haven't thought of but one the Bigger Pockets members beholds us.

What would you do?

Looking for rentals to buy and hold.

Thanks in advance for any tutelage.

Daniel and Liz