To rent or sell?

[Kyle Rowland]

Hello Bigger Pockets financial geniuses!

I am not totally new to the world of real estate.  I have purchased and sold 3 houses in my life but have never considered any options other than selling and upgrading.  I am at the point in my life where I am considering downsizing my living space in order to free up some monthly expenses.  I am currently in a house and 5 years into a 30 mortgage with about 120K in equity.  I realize this is a great time to take a chance on something new.  

I am looking at a few different options, but was hoping to receive some advice from people who are surrounded by this information.  Here are a few paths i was considering. 

1- Refinance, pull out some cash, purchase condo, turn current residents into my first rental that is doing better than the desired 1% rule.

2- Sell property, purchase condo for living, put 25% down on 4plex for first rental property.

I am sure there are a thousand different ways i could approach my situation, and i am sure there are meticulous details that could help see more options.  Feel free if you have any questions or comments, I am very excited to hear from the community.

Thank you,

Kyle