My Next Move? How to Best Leverage my Equity?

[Danae Aballi]

I have one rental property that's an SFR and my goal is to have 10 units ($700 a month X 10 units = $7,000 a month which is my living expenses and financial freedom number). So my question is what's the fastest and best way for me to get the 10 units? I have a couple options available to me since my rental house has $160,000 in equity. I bought it for $230,000 and it's now worth $330,000.

From my point of view: I can sell it and use the $160,000 proceeds to buy 2 houses (turn one house into 2 houses or a duplex or potential Tri-plex?)

I can cash out refi the original $60,000 down payment and BRRRR it into a new house.

Also FYI the mortgage and interest payment are only $787 and my tenant pays $1750 per month. I do have property taxes and insurance and property manager of course too but overall I'm happy with my cash flow.

Do either of these strategies stand out to you as one being better than the other? Would you sell it, or cash or refi it? Another alternative is to simply save up my next down payment and not so anything.

Advice and feedback welcome, thank you all!