The neighborhood had been trending in an unfavorable direction and the property had been sitting for a few months so we decided that renting it was a smart play. 

Do nothing (that would not be smart but it's an option)4.

you are smart for asking the question... do whatever ever is a "good deal" for YOU right now. 

Then, check them out for details that compare to yours, including age, condition and extra goodies, like shop buildings. 

Im well familiar with building material price sq ft. replacing propertie to hire and best use. shopping center. 

Is it smart?

I do have a third method being cash out refi the property that was renovated, however I am a bit hesitant on this one because I do want to wait another 2 years for a shopping center to be built to be able to get a better appraisal.I'm sure for people who have been in the game for a while, something like this has occurred before.

fortune builders is smart and will use your money to invest in the commercial market and in their very strong PR machine.  

It definitely makes it much easier to manage your listing since you can just do a one stop shop.  

This is smart on the part of the lender because the HECM is a negative amortizing loan.