Need advice do I sell or rent

[Michelle Grippo]

Hi everyone,

My husband and I purchased a very distressed home last year to fix and flip.  We are now 10 months in and ready to sell we purchased for 188k put in 110k and it can be sold for 429k.  It can be rented for $3200/month. 

We have used savings and personal loans and our HELOC on our primary. We owe about 150k all included.

So here is why I am hesitant to sell.  I have no place to put the profit and would have to pay taxes. My husband and I both work full time and have approx 20% tax rate. My husband who does all the work himself is way to busy to take on any other flip or fix and rent. (we have a couple other rental properties and our primary that need priority)

So what would you do. If I rent I can cash out refinance for $150 but then only have the HELOC on the primary 80k if in a year from now we have time to invest. We only got this great deal because we had the cash to pull the trigger. I would like to Cash out refinance for 150k and then get a HELOC for 150k if I find a property then I have the cash to make a deal, but I'm not sure that anyone will do that. We have 2 rentals and our primary with mortgages, so this is number 4.

Do I rent and try to get refi and HELOC or do I sell.

Any advise is appreciated.