Refi and hold or sell and reinvest?

[Carla Brown]

First time poster here - learning a lot by reading! I have a SFR rental that is mortgage free. I have had the same tenant for about 5 years and they never call me and pay on time every month. I am around 8% cap rate. I found a property in the mountains that I would like to buy as a short term rental. I am looking for a mortgage broker (atlanta area) to help with financing options, but having a hard time deciding if I should sell and pay mostly cash for the new property, or refi and reinvest? I am estimating a 8-10% cap rate on the new rental.