I would get the benefit of a quick cash out but he would be reaping the long term rewards of home ownership (yes he would be taking on more risk buy refinancing and taking on a new mortgage, but after 15 years, it would be paid off and he'd own a property with no mortgage).

It looks like crime is higher in this neighborhood, but is mentioned as being one of the best sub-markets for investors in numerous articles.

It looks like crime is higher in this neighborhood, but is mentioned as being one of the best sub-markets for investors in numerous articles.

While it can be stressful, it can be rewarding too.

.$1M so you have numerous options that align with your budget and plan.  

I can't give you any direction here other than there's no reward without taking a risk.

Or simply sell the land to a developer, in the likelihood of them doing a build to suit for a new tenant and you can reap the same rewards versus tying up your own capital.

(not just financial independence)If you are looking to change careers here what you should look for:A job you will like (do the soul-searching time to get this one right, it is worth the time)A job that pays well (see MHI above)A job that is in demandTake at least two career quizzes that are big and reputable and find the jobs your personality type will enjoy (#1) that AVERAGE close to the MHI (#2), and then look at job sites and make sure that are NUMEROUS people looking for people in that career. (#3) You need to satisfy ALL THREE!!!

If I could be successful in this career I would prefer to stay but I want to consider this a higher risk route with a higher reward. 

MANY sectors of RE investments have been unaffected (by a numerical "rents received" standpoint) and other have improved (because people are both flush with gov money AND scared, leading to some downsizing, locking up of rent contracts at lower prices, not wanting to have the extra cost of moving, etc).There is no such thing as recession proof.