Would you rather? Sell, refinance, or rent out old primary...

[Mary White]

My current primary residence is worth $250,000-$275,000 and I owe $118,000. We just closed on a new home and didn't have time to refinance the current primary due to other loans closing. Now we need to pick our best route forward to continue our investing. The house in question is in a highly desirable neighborhood and has been fully remodeled. Also, we are long term buy and hold investors with a current mix of single and multi-family homes and. We're set to close on a 4-plex in January and will be ready then for financing needs. Would you rather... 

1) Rent out property and do a cash out refinance at 70-75% LTV leaving $50,000-$75,000 for investing and about $200 cash flow per month.

2) Sell the property and get between $120,000-$150,000 (For sale by owner) for investing

3) Find a HELOC product for an investment property

4) Rent it out for 1-2 years and then sell to avoid capital gains and allow for appreciation or at least re-evaluate.

I would love to hear advice and also stories about what options you have chosen and how it's worked out for you.