Novice Needs Advice on Cash Flow Strategy

[Richard Kim]

Hi Folks,

I have a SFR in Indianapolis that has been cash flowing for about $200/mo for several years. I've been a hands off out of state investor and noticed that the Indianapolis market appears strong. I was thinking that:

1. This would be a good time to sell the property and 1031 Exchange it for a multifamily. 

Based on recent comps, I've listed it for $139k. There is $61k left on the mortgage.

But are there better options like:

2. Refinancing the property and using those funds to acquire more properties or

3. Getting a HELOC and search for BRRRR candidates?

I know these are novice questions, but my pea-sized brain is thinking that I should stay in this strong market with more than one property.

Thanks!

Richard