What's the best play?

[Chad Deberry]

My brother is in a pretty good spot on his first condo. He bought it as a short sale after the crash for about ~$65k and currently owes about ~$55k. He recently bought a new house with plans to sell the condo afterward, but is now deciding whether to turn it into a rental.

Comps on the condo: ~$110k

His mortgage payment with HOA ($150) are $750

Rental comps for this neighborhood: $950-$1k

My question: What are his best refi options to turn this into a great rental?