I promise you will have options once you finish renovating.If you purchased correctly (location & purchase price), you will have enough equity so that you can either sell it for tax free capital gains, cash out refinance (if mortgage rates are lower), or pull a HELOC to acquire your next property!

If everything checks out, they could be a solid option for your first investment deal.

Your credit score will be worth improving to acquire better financing options.

Be sure to explore all around the forums as well as many of the FREE tools that Bigger Pockets provides.I am on the lending side of things and am always happy to hop on a call to discuss loan options that are out there, even if not offered by my resources. 

One option I'm pretty familiar with is land conservation easement/fee simple - though this is more of a strategy to help with all AGI rather than strictly capital gains.

option D) Ditch hawaii for now and use $2-300k to pay down primary mortgage and use remainder $3-400 ish as down payment on cash flowing $1.5m 10-20plex in Anchorage.  

Hey @Tori Rhodes - As a builder myself here in Chicago that is a question I hear often.Before looking into your loan options, I'd look long and hard at the cost of land and construction in your Grand Rapids area. 

The more cash on hand the more options.

Right now most markets, it's wide.

It's great to see the inventory is coming back there are a lot of options out there and I'm feeling excited!