To reduce the risk of being unable financially to support your family while moving into a different field, you could consider househacking or buy and hold. 

It has been very easy for me to rent out places in West New York. last time it took us 10 days to have new tenants move in. the low vacancy rate helps to reduce the expenses. 

If it's so beat up that you can't get an institutional mortgage on it, that'll lead to a significantly reduced market value - this is where people willing to take out HML until it's fixed up enter the picture.If it's on the MLS, it'll go for market value.

Or can I refi something, reduce debt for cash flow.

You could reduce risk of the unit not being taken care of by inspecting.

I would like to learn more about vacation rentals as way to reduce the expense of something I want, rather then as a way to make money. 

Without vision we won't know how far to go or not.When times to decide the big stuff like whether to expand or downsize, leverage up or reduce down, evict, hire, fire, partner, etc - your why and mission and vision will guide you.Aligning your mission, vision and purpose is easier said than done, of course. 

There are also ways to reduce the 30% tax in the US.Regarding financing, there are all sorts of ways to get things done; most of which depends exactly the nature of the project(s) or strategy in question. 

Most importantly, it would help reduce stress because I'm currently scraping by making these payments.My agent, architect and contractor have all been very helpful but at this point I feel overwhelmed and don't know which outcome would be the wisest and most lucrative.

Do this for the next three years selling only one home per year and making the payments still.CD start 2nd year $1,760,0002nd, 3rd, 4th year leasebacks incrementally reducing each year in CD.Including normal builder stop payments notices. $300,0002nd, 3rd, 4th year house sale proceeds minus payments in CD $1,750,0004th anniversary of signing loan total liquid cash on hand in CD $3,510,000I have now have easily made 4 payments of $300,000 totaling $1,200,000.