To Sell or Rent a Condo in 55+

[Meaghan Lugo]

My husband and I will be taking my in-laws into our home due to health issues. They have a paid off Condo (1/1.5) in a 55+ community, not the most desirable area so worth approximately $100-115k. We will need to mortgage the condo or sell it in order to outfit our home (and my brother-in-laws home) for my in-laws to live privately and comfortably. What would you do? Facts to consider: The condo is in my husbands name, has been for about 5 years so the capital gains taxes would be ours to pay upon sale. Property Taxes $1200 annually which we've been paying. HOA $325 monthly. Conservatively, rent would be about $1000-1200 monthly based on our research. We do have 4 other properties we rent with significant equity so using equity from one of those is on the table as well. This would allow us to just rent the condo without placing any financing on it, or to 1031 the funds from the sale of the condo and still have the needed funds to complete the work on our homes to accommodate them. Lastly, our DTI is maxed out per every lender we've spoken to recently as all the properties are mortgaged in our personal name. So we'd be looking at DSCR or other funding that doesn't consider our personal DTI. Ideas? What are we not thinking about? Thanks in advance.