However, if this is simply a case of spending a little less on personal lifestyle choices now during a cash poor period while you complete a couple of rehabs, I say absorb the lifestyle pain now and enjoy the profits down the line. 

The decision to sell or hold is totally a personal choice.

Without a family/girlfriend you have the ability to make all the decisions/choices you want right now.

You have no choice in the matter .

If I ever wanted to be a syndicator ( which I don't) but if I did that would be my asset of choice.

Everything in your life must be geared in that direction as with any carer choice. 

This is a question for your CPA/tax adviser that I can't answer but it is one you need to ask to get the full picture and may sway your choice of equity source.Finally, on the expected rents, how are you determining that $650 is a realistic number?

Next, I would try to determine which market you want to be in (if you have the choice). 

This is definitely more of an estate planning issue than REI.You'll want to discuss with an attorney of your choice.

So the right choice is probably some version of move forward, but with caution.