When we moved, we turned it into a rental, hoping this would be the start of our real estate journey—something we’d like to continue once my husband retires.Some key details:My husband is active duty and will retire in 3 years.We have one final move coming up this summer to Raleigh, NC.Our current debts are crippling us—the high interest makes it tough to stay afloat every month.The plan me and my husband are thinking bout:Sell the rental property.Use the proceeds to pay off all our debts, set aside emergency funds and a down payment for our next home.Free up $1,500/month from debt payments, and that also can stash in a high-yield savings account.Regain full VA loan entitlement, allowing us to purchase a multifamily home and use the house hacking strategy for up coming move.Avoid capital gains tax, since April marks five years of ownership, and the tenant’s lease ends in May.This wasn’t our original plan, and we hate the idea of using our equity to pay off debt.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

If you go this route, make sure there is a very very very wide spread because it's so high risk and easy to lose.

We fully furnished the home through FB marketplace and estate sales- nothing high end by any means, but very retro and mid century. 

The ones with really good reviews, and a high amount of reviews usually cost a little more, but do a good job.  

Then you have companies that originate and having a loan go NP is a semi disaster :)  What I am seeing is some of the NPN folks have had to go into origination as the NPN space inventory shrunk a ton and or pricing was to high to make sense. 

Investing in real estate can be highly rewarding—but it also comes with risks.

Sometimes hard to find this happy medium in rate sheets, though.Another consideration would be taxes - points are typically treated as interest, so if your tax obligations are high this year vs being higher in the future, then this could also impact buying down now vs paying a little more in interest in future years. 

@Jay Hinrichs which BTW, 6% is high.

Sadly, this price-gouging behavior has become the unfortunate new norm in the insurance industry.There's a high likelihood you'll need a broker familiar with surplus lines.  3 weeks isn't much time - if you aren't working with someone already you need to get in touch with someone asap.