I have a few properties, what to do now?

[Derek Hagglof]

Hi, i'm looking for advice on what my next move should be. I have been lucky enough to have acquired a few rental properties over the last 8 years or so. I want to do more fixer style flip properties but need some cash to do so. I have quite a bit of equity between my houses but I feel stuck on deciding which route to take. If theres anyone out there who could offer advice, I would appreciate it.

First, I have a rental in Kauai that rents for $1400/mo. the mortgage with taxes and insurance make it a roughly break even or slightly cashflowing property depending on repairs or whatnot. The property is worth around $340k now and I owe $160k on it @ 5% interest

Next, I have 2 other rentals on Kauai that I built fairly cheaply in 05. They each take in $1900/mo. each for a total of $3800. The mortgage with expenses is $3300. I owe only $360k and they are worth around $$700k. The rate is higher on this property at 5.8%.

Next, I have a vacation rental in Lake tahoe that usually breaks even and we use it fairly often as well. It has the most equity but I really don't want to sell it ever. I could tap into equity here but qualifying could be challenging. We have about $500k in equity.

Also, I have a house that I live in in the California foothills that is our primary residence that my wife and I bought 2 years ago as a short sale. We owe $240 k and its worth around $390k. we are at 5% interest on this one.

We also have a line of credit that has a balance of $160k at 5%, payment of around $700/mo.

So, my question is what to do now? I want get into rehabbing a little more and need to generate some cash. Should I?...

Sell the 1st property, roll the profit into a fixer?

Sell the 1st property and pay off my line of credit, thus increasing cash-flow $700/mo but not freeing up a chunk of cash.

sell the 2 house property with a good profit and roll it into more fixer properties? (although i'm a little more attached to these places)

Sell the primary residence tax free and use the profit for a fixer and then move into our Tahoe Vacation rental?

Well, sorry for being so long winded but thats the story. I would appreciate any help anyone has.

Thanks,

Derek