Rate and term refinance issues - advice please

[Christian Weber]

So I have a question and im kinda stumped on solution 

I bought a duplex in S.Florida with a business partner hes also a GC-50/50 split with the aim of buy and hold (which was always the plan) for $375,000. However the Air Bnb didnt produce as much as we would have liked but an annual rental would still cover the note while rates and prices climb back up. Business partner decided he doesnt want to do the buy and hold anymore and would prefer to build - which had I of know this would be a flip I wouldnt have bought it for $375,000 initially. would have offered $325k max and walked if they said no

We took hard money on it and with all the renovations and fee's our break even point to sell including all selling fee's is $520,000 however the appraisal price is more along the lines of $470,000-$480,000. Currently costing $4500 a month in hard money interest only and we have it for sale but its coming in low so our options (if there are other options you can think of let me know)

1) Sell it for a loss which after realtor fees etc (we are agents so dont have to pay on the listing side) would be around $35,000 each 

2) DSCR it but im concerned that the rents would cover the payment but it prob wont appraise and I would have to bring $40k to the table

3) keep paying $4500 a month in interest only while waiting for a high DP financed offer that waives appraisal or cash

4) any other suggestions

I cant buy it as a primary as just switched to full time 1099 and wont qualify for it at the price so would have to be a DSCR loan (credit is 750 an I have enough reserves in my bank account). Aim would be a 0-2 year Pre Payment period

Advice please :( 

[Andrew Postell]

@Christian Weber sorry that this has occurred.  Lessons abound in this one.  If you can wait until March, I think you will find a more favorable selling market then.  Rates have already started to come down...many people expect the general population to catch on after winter...thus making the March timeframe a lot better to sell a property than right now.  Just a thought.