Quote from @Lionel Quiambao:  ... and maybe throw in the option for the tenant for more speed at an increased rent to cover the additional payment. 

You aren’t owners with lease options.

@Brett Jurgens,With strong equity and a good tenant, you have a few options:Cash-Out Refinance: Offers lower, fixed rates for stable monthly payments and lets you keep the property while using equity to invest in another rental.HELOC: Provides flexible access to cash, though with typically higher, variable rates that can fluctuate over time.1031 Exchange: If you're open to selling, a 1031 exchange could defer taxes and allow you to trade up to a higher-value property or diversify into a different market.Each option has pros, so it really depends on whether you want to hold onto the current property or leverage its value for something new.

A REAL fixer needs so much work that it doesn't qualify for traditional financing options.

No apologies needed:)Vystar, offered me two options. 1.

I'm saying that if you had the option of paying taxes on $50K or $21K, legally, all things being equal, which one would you pick? 

This would give you better financing options.

Property was sitting on market and needed light updates (roof, flooring, paint) but was in a great area that allows STRs giving me multiple options when deciding on rental strategy How did you find this deal and how did you negotiate it?

If the marketing is on point than you only have 3 options - 1.

Housing options were few.