Refinance Vs Sell multifamily rental

[Louis L.]

Upon completion of a multifamily building renovation - do you usually sell the entire building, or refinance it to get the equity and hold it for the residual cash flow?

As far as a business plan, I am struggling with which strategy to go with. I can calculate an after repaired value based on the final/new rents - but i am wondering how likely it is for an investor to come along and purchase the investment property (now that it is a stable/safer investment choice).

My goal is to generate cash for a subsequent investment, so im sure selling/10-31 exchanging may be best, but i dont know if its a good bet per se. I dont want to expect to be able to cash out entirely if thats not viable. For context, im thinking about this in the greater NYC/NJ area.

Thanks all for your input.