the answer i'm giving is based on the assumption that you do not want to / can not float the negative cashflow any longer. and note: even if appreciation / debt paydown / tax benefits strongly outweighed the negative cashflow, most investors wouldn't want to / couldn't float that. so that said, i say SELL. you have just over a million dollars in equity (minus transactional costs when you sell), and you could do a 1031 exchange into a ~4 million dollar CASHFLOWING property. i invest long distance into value-add multifamily on the west side of chicago. gearing up for my next deal right now. in that price range you could easily get a value-add multifamily with potential to cashflow 15k/mo+++ (up to 40k/mo) once it reaches its full potential. it sounds like you're in markets that are probably strong for appreciation and weak for cashflow (with the long term rental strategy). if cashflow is your goal, 1031 into value-add multifamily in a higher-cashflow area. don't let having to pay commissions during the sale stop you. you're already losing so much annually; you have to stop the bleeding at some point. also note that right now, with the way these two properties are losing money, that might negatively affect your borrowing power when you go to buy the family home. feel free to dm me if i can help in any way!

Maybe they will sell, but they want to live there for another 6 months or pick their ideal sale date.

I’m still just trying to figure out the process and how best to reach our goals

It’s important to figure out your goals and objectives, and then that will ultimately give you a few areas that you can narrow it down to.

Figured get house and get an income coming in then go after three of the other houses next door that are all the same price 

I am looking at multiple properties for sale at a decent price but wanted to check what you all have to say about the terms for seller financing.

I figured if I can do more of those it would generate significant cashflow to help me keep acquiring properties/notes. 

@Ane DeysRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding locations to invest in.Here’s our OPINION for the Metro Detroit market (always verify each area for yourself!)

Hey Chad - Not sure if you're still looking, figured I'd post for you and anyone else that comes across your post...80% LTV is an option with no seasoning if you've completed verifiable rehab to justify using the appraised value over purchase price.

I want this to be a thread hopefully of use to agents and buyers in this new world to figure out new pricing strategy’s so I would like to ask that this doesn’t devolve into a discussion about that facts of the case or if the ruling is fair etc.