Home mortage, what to do?

[Giovanni Garcia]

So lets get to the point of where I am in life. I'm 22 years old and seeking help with my first home.. My dad passed away when I was younger and left home deed to me. There is about $145,000 owed left on the property. The home Is located in wicker park which is a high value area in Chicago. The first unit gets rented out for $1300 a month. The another unit is a duplex which my family Currently lives in. The mortage with insurance comes out to about $1600 a month. Which only $300 of those dollars go to the principal. The mortgage is a fixed rate for 30 years. The home is appraised to about $550,000. For myself I have a extra $3000 in cash flow a month. Lastly, my main goal for this property is to knock it down and rebuild it from the ground up and increase the equity of the home.

I'm Just wondering what the best advice would be.

Thank you
Giovanni Garcia