Refi, Cashout or Sell?

[Farrah H.]

Hi all! 

I have property in Idaho that I'm moving away from. I intended on renting so I am considering refinancing only, refinancing for cashout or selling. Not sure what to do, looking for input. Details below. 

Option 1) refi for lower rate only: this will allow for smaller payment so better cashflow on rental and property paid off in 27 years. 

Option 2) refi for cashout: less cashflow on the rental but a good amount of money towards next house purchase downpayment and property paid off in 27

Option 3) sell: most money towards next house downpayment but no more rental property

Some background: newbie with two other single family rentals not including the property in question. 

Goals: continue to invest to build wealth and trying to expand into learning about apartment syndication to replace current work. 

What are you guys doing? Thoughts on my situation? Thank you!