Raising Capital for multi family

[Danny Santana]

I am a newbie with 1 rental property. I had squatters for a year but finally got them out and in the middle of remodel which will bring my home value to 300K. ($99k mortgage remaining) My question is should I sell my single family and put. The money to put towards turning my parents  house in a trendy neighborhood  into multifamily or just keep it and try to find better tenants which would net me around $1,000 a month profit? Im leaning towards keeping it but got burned a couple times with bad tenants.

it will take about a year to get the zoning to turn mt parents house into a building and my contractor quoted me $800k to build 3 unit from scratch. The comps for the 2 buildings next to my parents house are $3,300 a month for a 3 bedroom. They are actually the only house left on the block so hoping getting the zoning won't be too hard.

any advice would be appreciated. 

[Danny Santana]

Thank you. The house is in pilsen in Chicago which is like 15 minutes from downtown. The quote i received was for a triplex. 

trying to determine if I should sell my other rental property and put the money in a 1031 exchange until I am ready to build or just pay down my original investment and just get a HELOC so I can keep both rental properties