Need help making a decision!

[Lilly Olabre]

Sorry for the urgency but I need to make a decision by end of day tomorrow because I have to decide whether to accept or decline an offer. 

I flipped my first property and it's been a nightmare and I went way over my budget, like more than double.  So I initially listed at 549k which would put me at breakeven but I went on the market right when it slowed down (early May) and we haven't gotten any offers.  So we've done our marketing and price reductions to 510k (which will put me at a big loss) but I finally got an offer for 505k.

Here are my loans:

HML - 405K

HELOC- 110K

savings - 20K

So if I accept this 505k offer, I'll actually be at around 60k loss. If you were in my situation as a new investor and knowing what you know now and considering the unpredictable market we're in, would you just sell the property and take the loss and just move forward?  Or would it be better to keep the property and rent it out for a couple of years and build equity that way? I'm just thinking with how unpredictable the market is now, it might be harder to sell in the future than it is now, unless maybe if I keep it longer?

Here are the refinance numbers:

P+I = $2180 (pre appraisal)

taxes - $285 (estimate)

insurance - $90 (estimate)

PITI = $2555
LTR - $1900 - $2400 (maybe even $2600)

STR - $2800 - $3200

Either way, PITI will be covered but I'll be at a negative every month especially with the heloc interest rate of about $400/month. But I was thinking maybe at least it'll build equity over time? I was thinking of using tax returns to pay the HELOC every year but 110k debt is a pretty sizeable amount.

I really need some insights fast because I have to decide whether to accept the offer or not by end of day. Thank you!