Can't get cash-out refi on condo, other options?

[Matthew Maggy]

I have a condo in Reno, NV that I paid cash for in 2010 (before I knew about real estate strategies, etc.) which has more than doubled in value. I want to pull that equity out to put into play a BRRR strategy where I currently live in Richmond, VA.

After 6 weeks of underwriting, the bank turned down my first mortgage because the Condo Questionnaire showed that the complex had too high of percentage of rentals for Fannie/Freddie to back the loan, thus, the company won't loan money. 

So, undeterred, I'm looking at other options:

1) Sell it. Plain and simple. Do I really want a condo that has strict HOA, can't have equity pulled out via financing? But it cash flows $300/month after all expenses. What about capital gains? On the other hand, Reno is a hot market and I might be able to get more than the appraised value.

2) Sell it, but carry the note. I could possible sell it and carry the note, but I wouldn't get more than 20% of the cash as down payment. Could I maybe sell it requiring 50% down (the appraisal came in at $60k)  and carry the rest as a note? Do people actually purchase investment properties with those terms?

3) Hold it and keep the cash flow coming, and try to find people with money to invest in deals when I have no proven track record of making this strategy work? Hard money is soooo expensive.

4) Alternative options?

Advice is appreciated.