I have been battling this decision for a few months now and I am looking for some guidance and direction from any of those who would be so kind to help.

Here are my options I am looking for help with:

1. Sell property (net about 200k)

2. Cash-out refinance (cash out about 100k)

3. Do nothing with loan, keep current rates and rent out long-term

.....before anything, my goal in all of this has been to create a portfolio of short-term rental properties (airbnbs) to scale as much as possible. My wife and I currently have 2 properties total. The one mentioned here and another we are just finishing up renovations on.

Details:
I purchased a property in Merritt Island, FL back in 2020. I purchased it for about 230k @ a sub 3% interest rate and it has now since appreciated to about 400k-430k. I set the property up as an airbnb initially, but due to zoning issues, I unfortunately had to take it down and now searching for a long-term tenant. At this time, I am unsure if I should sell the property to look for another property zoned for airbnbs or do a cash-out refinance and long term rent the property. I would use the cash to purchase another property in an area zoned for airbnb's. Naturally my concerns are giving up a sub 3% interest rate, but I want to continue to scale this as a short-term rental business.

As difficult as it is to admit, I am not smart enough to know what the right move is here, so I need some coaching thru this decision. I can provide more details if I am missing anything that could be useful in this decision making process.

Cash-Out Refinance vs Selling Property (HELP NEEDED!)

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