Trying to figure out my next strategy!!

[Hedman Maximus]

Hi BP family !!! I’m looking for some advice or suggestions . 

My dad and I have two lots that have rental properties on them. Two properties in each of them which equals  to four. Out of the four properties , there is one solid tenant, the other is struggling and the last two  properties are not renting. We are three hours away from the properties . Getting contractors has been difficult. We are in upstate New York. We owe about $50,000 for the 2 lots.  

We are thinking about selling for 350k if we fixed them maybe 400k. However , properties taxes are due like roughly 12k for the two lots. 

I have several ideas. I’m thinking about selling 1 lot for 175k.  Im thinking about paying the bank the 50lk that we owe and the taxes. We will own the other lot free and clear. The proceeds from the sale will probably go toward rehabbing Lot 2 and sell it for more. Since we own it free and clear. I think we have the option of taking out a heloc  and begin to invest elsewhere.

The other idea , that I was thinking is paying off our primary residence which we owe 425k. We will owe that free and clear, if we sell all the 4 lots. 

The idea is too pay some bills and continue in our real estate journey. 

[Hedman Maximus]

I’m thinking about 1031 exchange , the town is a sleepy town , the same contractors and good tenants don’t last that long