The house was built in the 1930's about the same timeline as the previous house I just rehabbed and rented (Pushed about 40K of equity depending on the appraisal, and only spent about 13K for the rehab) the ARV on the new triplex is about $230k with about $10-15k, all together worth of rehab work as each tenants leases come up, and I'm talking basic interior paint, some vinyl floors throughout except bathroom, and any nick-nacks throughout the units, not a full scale rehab as I did before. 

For example, if HOA wants the buildings painted, and I do not.

I'd think about the paper trail if you choose to defraud. 

It'll need paint, trim and doors, all cosmetics. 

I am interested in flipping single family homes and also buy and hold on multifamily properties but If I were to choose only one, it would be the latter. 

My quick calc shows over $300k in available "cash out" based on 80% ARV loans.As far as which to pay off first is concerned, I choose option D...none of the above. 

Unless you want to use it in the offseason and during peak season, if I were you I would probably choose a LTR.

I'm reaching out to see, if there is any other alternatives we can do that won't damage the walls (painted), or damage the floors downstairs (vinyl flooring). 

Regardless of the rent, I still need to account for a low end kitchen, bathrooms, carpet / flooring, paint, as well as some amount for shared items like tuckpointing and the roof.

If you choose to go I hope it changes your life as well.