Investment Info:Large multi-family (5+ units) buy & hold investment in Tuppers Plains.

You are still exiting with a refinance and thus the terms wouldn't change on the exit whether you are buying in cash and then refinancing versus doing a construction loan and then refinancing.

This could work well if you’re looking for steady monthly returns and don’t mind managing tenants (or hiring a property manager).Selling could also make sense if you’d rather use the $500,000 to diversify into other investments, like buying multiple properties or even a short-term rental on the lake as you mentioned.

Don't buy in the hood.

Selling one and buying several is fine. 

If it's posted in Florida MLS, it's available in all online sites and people who are looking to buy property in your area can find your listings. 

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

Investment Info:Other buy & hold investment.

Quote from @Martin Jones: Hello, I'm young individual who is interested in long term buy and hold multifamily real estate.

While I often “trade” properties, a friend of mine is a buy and hold guy.