I'm an investor and mortgage broker and have options for loans that go as low as $75,000 and down payments as low as 15%, which makes it easier to stay above $75,000.

Your best option is to terminate the current manager and switch to one with better processes and communication.

HELOCs are definitely a good option for financing BRRRRs.

And while a 1031 exchange isn’t an option, some people explore alternatives like installment sales to spread out taxes or even tweaking the investment structure so your returns are treated as interest instead of equity.There are definitely some creative strategies out there. 

Alternative is to get a board certified real estate attorney to assist you.

If maintaining cash flow is your primary objective, you might want to explore other options.

You can also offer to lease with an option to buy to tie up the property until you are ready to purchase. 

You've only owned it six months, so you probably haven't dealt with vacancies, maintenance, or capex, but you should be setting money aside for those things.Your partnership agreement (if you have one) should address exit options.

In option 2, your costs are $25k higher.

Thank you,Jerry Jerry, I recommend getting in touch with an experienced broker who can educate you on all the possible options in the investment space for cash-out refinances.