High renter/owner ratio for rental condo. Refinance Options.

[Kris Lukavsky]

Hi There Everyone, I bought a rental property when my kids were born and now my oldest is going to college next year. 

It's a condo with a high renter to owner ratio so it has been challenging to obtain a cash out refinance  through conventional loans. Chase said no, BofA said no, etc.

I'm exploring the following: Portfolio loan cash out refinance (high costs), 1031 exchange for a property near the university (what do I do in the summer months?), or sell. 

I have 2 other kids who will also be going to college so I need to think long term returns. 

I need some guidance/advice from experts. I want to set my kids up for success with as little loans as possible.