Thoughts on current financial position?

[Justin C.]

I own 2 rentals with the second one just coming to market.  Total investment of my own money is $25k, however I have borrowed $55k at 8.5% interest only through a private lender, and have another $30k between (2) 0% credit cards.  Now that my second rental is filled I can take the next steps of reorganizing this debt.  Any solid suggestions on what to consider?  My credit is 800 as of this post, but I have spend a TON this last month getting #2 to market.  I also have no personal debt besides my primary mortgage and car payment.

Total Cash on hand: $4k

Total Business Debt: $85k not including my $25k invested

Total Value: $135k between both house

House 1 value = $55k and rents for $675

House 2 value = $80k and rents for $900

I would prefer not to sell either of these but I will if needed.

Please let me know what you would do.  Thank you in advance!

[Justin C.]

Originally posted by @Robert R.:

Do you have w 2 income?

Yes sir.  And I'm already at a $0 tax liability because of children and other tax deductions.  I have paid $0 Federal Witholdings in over 6 years still earn money back.  My accountant says you can't get any lower than $0 so we are delaying a bit of the depreciation (or however that works) until the kids start aging out of the deductions and credits - 17.