Put yourself in their shoes. 

But I would like some feedback on these options available to me and what any of you would do in my shoes?

And, a 5% to 5.5% cap rate property will actually produce tax advantaged cash flow - OP may actually harvest close to that after taxesIf I were in OPs shoes, I’d want some REI and not be totally passive and “safe”.  

@Morgan Alema - If I were in your shoes, I would prefer to sell, scoop up at least $250-500K of tax free money since it was your primary residence, buy something modest in your new city, and leverage the rest into cash flowing assets, be in real estate or businesses.

You can't conclude that Nike's shoes are worthless because no one engages with Nike's ads when they are displayed in front of people without any legs.

Keep in mind that the new buyer who you wholesale to will essentially step into your shoes and will have the same due diligence rights as when you signed the contract, so think carefully about them with the help of an attorney. 4.You may have to PerformIf you cannot find a new buyer by the closing date or the new buyer cannot get a mortgage, you may have to close on the property depending on how you draft the contract.

You know he is good for it.If nike wants to sell you the latet shoe that says you will run 0.5mph faster.

If I was in your shoes I would gently let that person know what you plan on doing with the place and how much you're going to be charging etc...

The major downside is the rugged road through the property.Given these two options, I'm just curious what you guys and gals with the experience think of it and what direction you would go if it were you in my shoes.

If you really want the property and don't mind a small gamble put down an amount of earnest money that you will not be upset to lose and that if you were in the seller's shoes would make you feel OK about taking the property off the market for 60 days and make it non-refundable to be conveyed to Seller upon offer acceptance.