The fact that you evaluated whether to sell or do a cash-out refi shows you’re playing a long game and keeping your options open.

I would make sure a bundle of rights for ownership are available individually, per unit of course, then worry about warranty and purchase options.

RentRedi has options of "Accept", "Reject", and "Request Update (more information)".

But if you did the property up right with killer design and great amenities -- I'm picturing cool wallpaper, a game room, boho/modern furniture and a hot tub -- I can see a place here doing well as an affordable Airbnb/STR option just 10 minutes to downtown Denver.

However, an easier option would be to use a bridge loan to help with acquisition and rehab financing if the property needs some work.

Josh I find myself essentially in the same situation and I have been thinking about my options.  

So, I'm wondering about what other options I have.

If your long term goals are in business, may as well get a grad degree related to that and I'm sure they have a lot of online options.

Rochester NY has a plethora of options under 250k.  

It really depends on your comfort level and long-term goals, but even if you want to get into multifamily long-term, SFR may be the best option to gain some comfortability.