Also if you depreciated the property you sold there will be taxes on the amount you depreciated.That being said I am a huge fan of paying for homes in cash and having a positive cash flow right away, but not if you give away decades of profit in taxes.If it were me, I would look for a multifamily home/apartment for the amount of your last loan + profit that gives you a good cash flow in a broad geographical location.

I believe the property is currently vacant and I'd like to get the rehab done (mostly using contractors) and have the place rented in 4 months.If you have the time to read my explanation below I'd love to get your opinion.

It's an interesting situation, explanation and analysis below.

usp=sharingThis probably needs a little bit of explanation.

Nothing from your explanation above makes me think you have to wait. 

This is an over simplified explanation.

Thanks for the explanation.

Just looking for a basic explanation of pros and cons.  

Those communities have everything going for them geographically.

But I also include a line next to each for an explanation.