@Dave FosterThis is the expert you refer to.

The home price is $480,000, including upgrades.

What I will do is attempt to find a QUALIFIED substitute tenant, credit the original tenant with the rent paid by the new tenant LESS one or two months fee for the extra work and effort, but I will NOT release the original tenant from liability should the substitute tenant default.Look, the bottom line is that renting to tenants is a business, just like any other business.  

Purchase price: $242,500 Cash invested: $49,000 This is an older house, built well on concrete block, that is next door to multi-million dollar houses on the water.

Everyone's situation is going to be personal, so take any and all advice you get here with a grain of salt and weigh your options on what best hits your goals and lifestyle.

One option is I can cash out refi one property that has $400k in equity. 

Any land that is worth $50k an acre is way to valuable to donate.

Quote from @Nathan Frost: Hey all, inspection is this Thursday. 

Is there a demand for housing in the area?

This is a very nice place that brings 15K-20K a month in the summer.