However you should consider if your loan has a Pre Payment Penalty.

Use the land as down payment on a construction loan.

The payment on the refi would be about 40% of renting a place while looking for the next property.Thanks for listening. 

However, Cincinnati HUD is apparently backed up so we've yet to see the payments for the rented units from October. 

The current owner listed last years income as $51,000, but currently has rents at (for the five separate units): $650, $750, $800, $825, $1125 (the math doesn't totally add up so maybe he changed a rent payment at some point). 

Quote from @Mathew Chacko: Quote from @Na Person:  I too was a little skeptical of sending a large cash payment to an unlicensed entity (1031 facilitators do not need a license). 

Getting one property and cashflowing it will be a challenge. you can try seller financing but you are still going to be highly levered which just enhances the risk that you are taking on.The best way to grow is to focus on managing your rental, saving money through your W2 and crushing that - if you are a realtor you will make more crushing it as being a realtor than over leveraging real estate - then save for down payment and buy slowly. its not a rush.

It's not quite as easy as renting out two sides of a duplex, but with the right marketing and management you could rent out the extra unit to supplement the mortgage payment. 

Also credit score 680 with no missed payments over the last 2 years and also check their criminal report just to make sure you know who these tenants are, as the eviction process in New York city is very long and expensive. 

Low down payment (3.5%) is attractive, but comes with mortgage insurance and might not offer the best rates.