Hey there- we help clients get into investment properties in Denver and Colorado Springs, and would say the main thing is to be very clear on what your most important metric is (cash on cash, cash flow, cap rate, etc.) because we often see people look at multiple metrics, which can make it very hard to make a decision.

Let the property sit empty until you are fully educated on the finances of income property investing or sell it and be free from th eresponsibilities of managining properties and tennats.It only come down to th enumbers, do not make any decissions until you know the market. keep in mind most homes make for very poor investment income properties and will be more of a financial burden than a benefit.In your position I would have it listed with a real estate agent and sell.

How to base my decision making

Here is a list of all the books ever mentioned in the podcasts. https://www.biggerpockets.com/forums/79/topics/388292-list-of-all-books-mentioned-on-biggerpocketscom-podcastRich dad poor dad is a great starter book.

It's a huge white space that nobody is taking advantage of and it makes sense produce content that people want to see, now you will start getting recognized as Cody the real estate agent that helped me make the decision to move here and why would they go to anybody else to help them find a home if then the person that help them make that decision.Conclusion To sum it up, you will be a media company/ real estate agent. you are going to be the content producer of information that buyers and sellers wantlike writing reviews of the best restaurants, interviews principles on why their school is the best, going to every destination there is to go to and provide walkthrough videos, etc...If you approach it like this then your now the source that people who are looking to buy in your area and sell are now going to go to. 

I immediately identify wrong moves and missed opportunities that had the borrower been educated ahead of time, they would not be in such a position.My advice is the 5 PsPrior Planning Prevents P_ ss Poor Performance  It's what you do in advance as well as what you do after the purchase, that collectively over time will net more wealth.

@JD Martin it is interesting with corporations, most of their decisions are based around tax implications.

Both are critical to the decision making process.On the surface Scenario A far outweighs B based on ROI alone. $1300 rent on 40K investment is a no brainer compared to $2200 on 200K investment.

Show us the numbers and you will get all the feed back you need to make a decision.Keep in mind SFHs are notoriously poor at producing positive cash flow.

If it were my decision I'd sell or refinance for the long term debt.