In addition, did it cause issues with refinancing due to the property being lease hold rather than fee simple?

Is there a formula for that similar to the 0.70 ARV - repairs -fee?

If the legal fees is going to be more than collecting 2-3 months worth of back rent, then I don't think its worth it.

Exactly this example - selling agricultural and purchasing a multi family residential rental building.One limiting factor though is going to be that you will need to take title to the new property as the same taxpayer that owns the old property at least initially. 

If you factor in 15% for vacancy/maintenance/cap ex you are clearing $130/mo.

@Christy Holt it isn't your primary residence, so the bank factored that into your interest rate.

I think it's a good opportunity here for me to sell and buy something bigger since the tenant can buy it in its current condition and I can get a discount from the realtor on the commission fees.

But then theres CapEx, HOA fees, Vacancy Calculations, Repairs, and Prop Management.

You should not have 4K in lender fees unless you're buying the rate down.

If you have enough wealth /income to justify the non dom fee to keep income offshore, first congrats!