Cash Out Refi or Sell with 1031 Improvement Exchange to BRRRR?

[Khalil Sleiman]

Hi all, 

I am looking to really kick up my real estate investing this year and have decided to use the BRRRR method to build a portfolio properties that can provide me with the financial freedom I desire. I have few options to get started, but I am trying to figure out if I should leverage an existing rental property to get the capital to start. Here is some info on the property:

Property details:

Location - North Central Phoenix

Estimated Value - $340k

Mtg Principle - $225k

Looking forward to hearing your thoughts!

Thank you!