Make sure it's one that's also insured.

My real estate agent thinks I'll only get 1.1 million for my home but due to a few factors I think it should be more. 1.

I also know I can look at ways of borrowing against that equity (HELOC for example) but I also just feel like if I take debt on that property the cashflow goes down, and then if the association also takes the loan it goes down more, and at that point I don't know why it would be a better option than selling before August. 

I'm looking to use a Fannie Mae Renovation Loan. 

Quote from @Jacob Molina: How did you do a 3-2-1 loan or how did your loan officer bring that about?

Using your example, you sell Mon for your $155K and have a contract on a new home for $100K two weeks after this one sold.

So I want purchase it as my first rental property it's going to need rennovations for sure not terrible shape just older rancher home.

I want to use my current home and do a HELOC.  

My elderly grandfather owned a two-family home in the area, but over the years, the property had fallen into neglect.

Unlike refinancing, which involves taking out a new loan, recasting keeps your existing loan terms—including your interest rate and loan duration—intact.