Whats best for a paid off property that you want cash from?

[Alex Sawford]

Hello BP!

I have a property that I own with a sibling with no mortgage. My goal is to keep this property (as it is right next to a growing university), pay him half, and take out enough for a down payment on another rental property. This property is worth about $350k (3bed 1.5 bath) and could rent at about $2600-$2700 monthly based on comps. I plan to move to said new rental property and rent out this current college area property. I'm going back and forth between the different options and would really appreciate some other opinions (mortgage/heloc/etc...). My wife and I plan to house hack and get a few rentals over the next few years. I have a real estate license also which cuts costs on several aspects. Please let me know what you think! Thanks in advance