Long Term vs Short Term

[Chris Lindemann]

Hey Everyone!

I’ve been listening to Bigger Pockets for a while now, but first time poster!

I was hoping to get some general insight into pros and cons of a decision I’ve been weighing.
 I currently have a long term rental in the Cincinnati area. I have about $250,000 in equity in the property and a cash flow of $1200 not including capx. I was going through a cash out refinance to use that equity to purchase additional properties for long term rentals. However, My previous tenants lease expired as I was going through that process and I decided to pause the refi which would have more than doubled my monthly payment and reduced cash flow to around $300. 
Fast forward 4 months and my realtor and I have had little to no action on placing a tenant. I’ve been floating the mortgage/hoa payments with the reserves stashed away from the previous tenants. However, with no end in sight I am considering selling that property and purchasing a short term rental (or two) out of state with the equity. 
The short term rental is more aligned with my long term goals, but it is just skipping ahead by a few years and skipping over the 3 long term rentals I had Initially planned for my portfolio.

Do I keep the property and maybe drop the rent under market value, while also coming about of pocket until we find new tenants, or sell and use the equity towards short term? 

Any advice is much appreciated!

[Gregory Wilson]

The rental market is still strong in Cincinnati, especially at the upper tiers. Something is not working. Time to get more eyes on your ads and presentation.