Earnings next year will 250, then 330K.About 100,000 of my debt is 5-6.8%, the other 200,000 is 2.8%-3.8%.We are moving back to the NYC area and were wondering if we should sell our current Manhattan apartment (we won't be living in Manhattan) and use that money to pay off my higher interest loans and credit card debt and put a down payment on a house versus hold onto the apartment and continue to sublet (rent) it out in the hopes that someday we can sell it for a lot of money or keep it in the family.

(hint, it's all about future values, both rent wise and appreciation wise.)That's why the market is so competitive in LA for 2-4's...The future value of a property or rent will not rescue you from a foreclosure if the present rental income is insufficient to cover the present mortgage and expenses and you do not have sufficient extra funds to cater to the deficiency. 

Makes me feel I earned my money.

And even though they have the same square footage, missing that extra bedroom is a big deal.

I'll take $100,000 in appreciation 10 years from now that I will be able to 1031 my way out of paying taxes on (or just cash-out refi) over cashflowing an extra $200/month with little-to-no appreciation on a 2%-rule property in Cleveland.  

Three 3 bed units, three 2 bed units and 2 units with either extra large bedroom or a spare room.

Some thoughts of what to do right away:See if the property is earning the market rate for rents (current owner says she does not know the market and has never checked).Find out if having the four tenants pay their rent online is an option.Track the leases (current owner has lost track of who is month-to-month, who is due for a rent increase, etc).Shop the insurance to see if they're overpaying.Since I'm new to this realm, I wondered: what else can a new commercial prop. manager do to quickly add value for their clients?

I agree the extra $ is worth it to work with closing folks you know!

BiggerPockets has already been an invaluable resource for me, and I'd like to thank you all for being so generous in sharing your hard-earned wisdom in the forums.

Do you think that starting with Flipping strategy, growing money, earning more so i can invest more, and than moving to buying properties for Buy and Hold.With the money from flippin turn to buy and hold and rent for cashflow?