You are correct: you either need to (a) find a transactional lender or other source of funds to close or (b) keep assigning deals until you have said funds.

Few options to consider:1) contact FREC to report violations of their duties as licensed real estate brokerage.

Alternatively, if something were to arise in our life (emergency or otherwise) while this money was tied up in an investment, we're left with few good options. 2) Time is not something I have much of.

Thank you Steven, I have a great contractor in Ohio, very good so far but yes I see it as very risky so weighing my options....

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

If you're content with holding just this property for now then the cash flow + lower rate option may be best.Hopefully you find helpful!

I got qualified for about $650,000 so I am trying to evaluate all my options.

I can have my management company pick it up, but they’ll charge about $90/hour plus add 10% to the purchase price.We live several states away, so doing it ourselves is not an option.

Now before anyone suggests meeting with a realtor, getting an appraisal or looking at comps of recent sales to get a more accurate figure, I'm fully aware of those options. 

I just feel I don't have a lot of options so I'm really conflicted on what to do.