Ive made some extra payments on it and the original mortgage of 229k is down to 216.

There is a plethora of options when it comes to the refinance portion of your BRRRR method.

I am interested in peoples thoughts on what to do with it.I could use the money as a down payment for a rental property, I would just need to make sure the profit covers not only that property, but my new equity loan, which I feel could be a challenge to find a property that cash flows that much.Or I could look at doing a flip, and just use the equity and a hard/private money loan, then just pay it off afterwards.What does everyone think the best use of this money would be?

Currently, we are leasing the property, generating a net profit of $380 per month and living in Missouri.We are contemplating the decision to sell this property and potentially gain $239-278K payment to buy additional investment properties in Missouri given the rising rental rates in the area, we anticipate increasing our rent and potentially securing a net monthly profit of $780 (annual$9,360).While we acknowledge a monthly profit, our concern stems from the apprehension that the property might not fetch as high a price in the next five years or that our HOA fees and taxes could escalate.Given this situation, what course of action would you recommend?

If you're BRRRRing this property your 150k loan payment is going to be around $1,000 on top of the taxes and insurance.

In the 1st scenario you need to come up with say $60K in down payment and your monthly payments would be $1600/month. 

The seller receives the last and final balloon payment.

And keep in mind the senior debt does not have to allow you to make up payments.. some will but its not a right . 

Also, the old adage goes "You marry the property, but date the rate" meaning that you can refinance again later to lower your rate and to stretch out payments.

Taking out a mortgage allows you to diversify your holdings by using your available cash for several down payments on several homes.Examine the Buy, Rehab, Rent, Refinance, Repeat (BRRRR) method.