Long-Term takes the least amount of time, Short-Term the most.Unless you have the time & discipline for this, SELL.4) If you sell, would it make sense for you to re-invest in other rental properties?

These are by far the least amount passive so do your due diligence on understanding how to run a successful STR business and researching local laws on allowing STRs.2.

But if you get a major expense you could then potentially have a decent amount of debt.

You have a 200k equity buffer, so you should be able to get closer to 130k from a LTV perspective - but will your rent amount cover that new loan?

When you go to sell, you're subject to tax on the amount of profit between your adjusted basis and sale price, not your purchase vs sale price.Recapture is not repaying the depreciation.

Back home I would make a packet for my appraiser and never had a bad appraisal due to the that I specified the value add and the Reno amount and broke it down so they saw the potential and it always worked.  

What the gurus don't tell you is that they are comparing market rents to the GROSS amount of S8 rent on a voucher which INCLUDES LANDORD PAID UTILITIES!

Or should I wait it out a couple of years until I have a larger amount saved up.

Investing this amount in passive deals might not provide immediate income, and you could end up waiting years to see returns (similar case in most investments.) 

Hi @Zhong Zhang I have used vacancy hacks over the years to get personal properties under 1% when turning tenants over. 3% increase depends on renewing or getting new tenants, when renewing tenants that's  a safe amount.