Leaving W-2 in 6 weeks...seeking BP advice!!

[Ron Ripley]

Hey there fellow BP-ers!!

I am beyond excited to announce that, after much soul-searching and number crunching, I will be leaving a fantastic run in the W-2 world (tech) mid March. I plan to focus 100% of my time on my RE investing portfolio and continuing to grow it to a place where it pays all the bills...and more! I am 58, married, and was thinking this morning about something I forgot about in my planning for this new chapter. My plan with one of my "not so great performing" SFH rentals (Rio Rancho, NM) was to sell when the tenant lease comes up in March and 1031 into a like-kind SFH in a better market. This property has never appreciated in 10 years of ownership (it dipped big time and now the value is pretty much where I bought it at!). Cash flow is barely break-even thanks to the loan product I chose back then. Could be worse of course, but would really like to cut my losses with this one. Since I will be without a W-2 in 6 weeks - my plans for this property now change a bit. I see two options but please advise on any other ideas. Option #1: Try to refinance in the next 6 weeks so that I am at least cash flowing (although it would really only get me to about $90/month - still not great and again, poorly appreciating area. Option #2: Just sell and cut my losses paying the short term cap gains and redirecting what's left to what I am now investing in - multifamily syndications. (the property value is approx. $160k, loan about $115k)

Thoughts? Advice? Other options? I know it is possible to get a mortgage without a W-2 and I've been studying those options, but not sure I want to endure the hurdles of that scenario especially after this past year of 3 refis and 4 new mortgages (!)....even with good W-2 income, exceptional credit score, and significant savings - I was put through the RINGER with endless requests for more and more doc! ugh

Anyway, there you go...have at it! :-) Seriously, thanks for any thoughts or advice you might have if you were in this situation - what would you do? Happy to provide any more detail if needed. Have a GREAT day - LOVE this community btw.

Ron