We didn't do any major renovations since buying and renting it out, but Redfin tells us that we gained ~$60k of equity.

Quote from @Ian Hutton: Quote from @Jay Hurst: Quote from @Ian Hutton: Hey everyone thanks for the feedback, I did forget to mention I plan on buying more properties (which is why I’d like to reduce my debt) let me know if that changes any answers, but sounds like paying off the 88k 6.4% interest is the way to go  If you plan on buying new properties do not pay off any debt.

Condos can be a nightmare because you’re not just buying a property—you’re buying into whatever financial mess the HOA decides to hand you.That’s why I stick with single-family homes and small multifamily properties—I control my own expenses, my own decisions, and I don’t get blindsided by ridiculous fees.At the end of the day, we’re just seeing the market shift back to something healthier.

It's a good rental market for buy and hold.

Are you also looking to buy?

I highly recommend learning those strategies, as you can own limitless properties when buying without using bank funding!

The attorneys I have worked with when buying a large apartment complex have all recommend one LLC for holding the property and one for managing it.  

(You said you plan to buy it for the amount of the loan, not the value of the property.).

I'm in the knowledge gathering phase - more time I spend here in BP and other online sources, more I am realising there is a lot more to this than simply buying something off of redfin and renting out

Not your typically RE agent and I don’t sell I only buy till the day I die, my kids will have that choice if they choose to sell.