I created the diagram below to help guide you through the decision of whether to keep or sell.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

It is important to find something that was properly maintained, with modern plumbing, electrical and roofing. 

Its hard to find and investors who is going to fund a 1 mil dollar rehab loan.

He was a realtor based in the Midwest (I think the greater Chicago area) and was talking about off vs. on market deals and the importance of choosing equity over cash flow. 

Best of luck finding the strategy that works best for you.

I would like to know more about your setup because this doesn't sound good.2.

@Jeff Mooney Hey Jeff where in Central PA are you looking?

Hey @Brett Baker, generally, any place with a great water view or directly on the water will bring more revenue.Of course profitability will all be based on purchase price and prevailing nightly rates in the area.If you find a cool 2/2 or 3/2 right on the water with a great view for 1.5m or a 2/2 or 3/2 house a block away for 600k, then I would look at the house over the condo.

@Islah Barney, If your mother was living in that house for 2 years out of the 5 year look back prior to sale, then she can sell and take the first $250K of profit tax free.If the gain is more than $250K then you could rent it for a few more months.