Dadi for a bit of background, I'm a RE investor, and I have a long background in doctoral-level statistics and data analysis.Here's the issue from my perspective: most data that's relevant to REI (e.g.; employment trends, appreciation/depreciation history, housing supply, etc.) is relatively macro (it often covers at least an entire metro area), but real estate is hyper local. 

The incoming tenant will agree to either option but I need to figure out what is best for me from a tax and future income perspective.

@Adam Allen from a different perspective, what other options are available with your 85-100k of potential investment? 

As is value before renovation was around $260k before the market shifted, which is when I could have sold the home.

I think @Ricky A. answered most of your questions, but I'll add a few details from my perspective as a WNC investor and RE Agent. 

@Ryan Pritchard - Whenever I am looking for a professional service, I like to try and align myself with someone who invests in real estate so they will know the investor perspective.  

Leverage is lower for existing acquisitions but leverage has always been lower for development, so from that perspective it hasn't changed too much.

As soon as you learn how to truly value your time it will be an earthquake mind shift. 

A look into Austin MSA related to real estate before & after the COVID-19 pandemic, and into the future.I wrote a similar paper almost a year ago today, good cross reference for this read.Leading up to and continuing through the “Stay at Home” order, which went into effect Tuesday, March 24th — the sellers market went from red hot to, “what do we do next.”Investment buyers across the board repositioned themselves — with iBuyers like Zillow and OpenDoor stopping purchasing completely, large funds lowered buy price requirements by up to 10%, and local investors were waiting for the dust to settle for the most part.A 10% drop in buy price standards is substantial and a direct reflection of how low demand was in mid-March through April.Speaking from a realtors perspective, throughout all of this and despite realtors being deemed essential, the COVID-19 etiquette/standards took some time to develop.Every governing body related to real estate was looking into and implementing best standards and practices for real estate related job functions.As a result, listing activity was down immediately — April saw a drop of 21.6% in number of sales year-over-year, while May saw the biggest dip in year-over-year sales at 29.2%.

Once we were no longer burdened by the heavy weight of debt, we could shift our efforts over to wealth accumulation and giving like crazy.Find your Minimum Required Income Level (MRIM)Now that you don’t have any more “bad debt,” what is the minimum amount of income you need to live on annually?