Dump or Keep? A dive in to my world to help a first timer

[Jeremy Bloom]

So here's the situation in front of me that I'd love some outside thoughts on... 

I bought and live in a 1911 4-unit building. Lots of work to do, great cash flow, the area is rising from the ashes, it's on the water and just 1/2 mile outside of a rising downtown. I deal with section 8 and general assistance giving me the maximum market rates for the 4 bedrooms($1460). We are doing some analysis but we bought for $150k last year and now the compared properties are going for $190+. This is my first deal that ideally I can build upon and it's been called a "house hack" since I live here for free. 

That's the basic background here's what's happening...

I now have to do lead abatement. We don't have any idea what needs to be done or how much yet, and this may take 1-3 months just to find out. Then the work has to be done and I pay 25% of the cost thanks to grants available in Maine. They give $15k/unit for lead abatement. If it costs $60k I have to come up with $12k. If it's more like $10k, then $2500 which is clearly in reach.

At same time, 2 units gave me 30 days and are leaving Sept 1. In Maine that means I can't move anyone else in until the abatement is done. Again a timeline that could go on forever. That's 2/3 of my income not coming in for an unknown period of time.

I'm also pondering my ability to maintain by paying some of the mortgage and the bills of the building if it remains empty for a while. 

This is also a moment in time where with the two families leaving, I can and must do some rehab, but until the abatement part is quoted I have no idea what's what. However, I'm already seeing $3k that I doubt has anything to do with abatement within the apartments. Again I have no real facts here

Lastly, I have a few building renovations necessary that add up to $4,500. I was about to do them but this situation has overtaken that ability to do so and now I need that to keep going as well. I could probably get away with not doing these things but it's a leaky roof, masonry on code violation and radon remediation. Doesn't seem like I can/should avoid.

So...

My real estate agent did some work and selling it would give me about $30k profit after one year when comparing properties being sold right now. I find this profit pretty nice for a first timer. And ideally I end up with about $10k in my pocket. Ideally to make the next deal and build on it.

The other option is hold on to it and here's why that is good...  I was JUST about to make this place really cash flow with raising rents. Even if it takes a few more years it will cash flow really well. Like better than most deals I've learned of and I couldn't be happier for my first deal. I can also move since it's been a year so that's another $1460 of income if I rent out my place.

So so...

I want to change my life and make a good move here to begin doing real estate. I want to say I'm looking for investors but don't know how to do that yet. I also feel ready to sell if that's the better move.

I am also recently jobless and have about $30k available on credit cards and a 401k. I don't really want to manage debt my whole life or risk every dime I have, which is why selling and moving on feels good even if not what I want to do. I believe in this property but I may just be too scared to risk it all on my first property when the other option of selling ends the turmoil. 

What I really can't do is end up with nothing and still holding $15k in debt. (I know... no kidding :)

What would you do? Find money and stick it out or sell?

Thanks everyone! I'm really excited to hear your thoughts.

Jeremy