Ensure you collect a proper security deposit (typically one month's rent in Florida) to cover potential damages.Your plan to increase rent next year makes sense given rising costs (taxes, insurance, and maintenance).

The property can just about cover the refi in year one.  

That can be a draw back if the market is on a mad run up tho.Also, I would always have enough in a heloc to cover your 401k loan in the event of job loss or if you quit your job. 

The Creative Investor Meetup is designed for beginning to advanced investors who would like additional strategies when constructing deals.All aspects of real estate investing will be covered including (but not limited to) - Wholesaling, Flipping, Buy and Hold and Commercial with an emphasis on Creative Financing.

Add a picture you've personally taken of the property if you use postcards.

Then the rents would cover that payment plus the mortgage with cash left over.

However, before you do so you should ensure that your revenue from rental income covers ALL your property expenses in the townhome, including mortgage, taxes, insurance, maintenance/repairs, vacancy, property management, etc...

This is the percentage of costs (purchase and rehab) covered by the loan.

It's amazing what you find covered up in these properties.

You can use this property to hedge any others that you add that may only cover themselves, or require supplement until they are paid off.HOWEVER, if you have decided that your goal is to use Real Estate as a stepping stone to build wealth by upgrading the property you hold each time (condo to house, house to 4-plex, 4-plex to 8 unit, etc) then I think you are right to sell now while you think the property is at the top of it's appreciation.It will be hard for anyone on BP to tell you what to do as we don't know your goal.You are right.