Should I hold this flip through Winter?

[Chad Swinford]

I have spent the last 13 years investing in real estate on the side and have stuck with rentals using the BRRR method. I have been very successful with this and continue to do it today.

I recently decided to buy a flip that I paid 125k for and put 20k into, making a total investment of 145k.  The house has been on the market now for 6 weeks at a price of 220k (we've lowered it one time).  The house is very nice and is between Indy and Bloomington, IN which has been a very active market, but slowing down as we head into Fall.  

I am considering my options as I approach the slowing Winter months.  I feel like if the house doesn't sell before 10/31 then I'll likely have it until at least mid January or February.  

I am looking at the possibility of taking it off the market (I am in a 3 month contract with realtor) and trying to sell the house on contract or Lease with Option, and securing a mortgage on the property to get my cash back.

I paid cash for the house and renovations using a HELOC which I do have to make interest payments on during that time. The carrying costs for the house are not cheap considering the interest payment, utilities, insurance, and taxes. In addition, it is consuming over half of my line of credit which limits me from buying other projects. I have one other BRRR that I am floating and between the two I am tapped out.

I also have a family member that can lend me hard money until the house sells, which would free up a large portion of my HELOC and allow me to take on another project.

I am just looking for some thoughts as I decide, in the worst case scenario that it does not sell in the Fall, what to do with the property.

Thanks so much - you guys are awesome!