Vacancy is permanent loss.We’ve had to get creative — stronger syndication, local Facebook groups, targeted ads, and sometimes small concessions instead of headline price cuts.I would stabilize this one before buying #3 unless it’s an absolute steal.

Hi everyone,I’m looking for some direction on next steps and would really appreciate collective guidance from this group.Here’s a snapshot of my current situation:Portfolio2 single-family homesOne is my former primary, now a rentalOne is my current primary (previously an investment property)2 three-unit multifamily propertiesEach worth approximately $1MOwned 50/50 with a partnerRecently refinanced at 75% LTV, 7.1% rate, 3-2-1 prepaymentEach cash flows about $800/monthFormer Primary (Rental)Rent: $6,200/monthMortgage: ~$7,400/month (FHA loan at 6.625%)Value: ~$1.1MNegative cash flow of ~$1,200/monthI did a cash-out refi ~2 years ago (pulled ~$200k to fund multifamily investments), which raised the rate from ~3% to 6.625%I’m unsure whether I’ll realistically be able to:Refinance into a better rate or out of FHA in the future, orIf selling once the tenant leaves is the more prudent option to stop subsidizing the propertyCurrent PrimaryPreviously held in an LLC as an investmentHigh interest rate (~11%)Now in the process of a rate-and-term refinance after moving it into my personal nameTargeting ~75% LTV (value ~$1.5–1.6M)Considering adding a HELOC post-refi to create liquidity for future investmentsIncome & GoalsCombined W-2 income: ~$310kGoal: scale cash flow aggressively enough to eliminate the need for W-2 employmentPortfolio cash flow is modest on a consolidated basisAppreciation has been strong, and I’ve used cash-out refis to continue acquiring and stabilizing assetsChallengeWhile multifamily and BRRR strategies have worked for equity growth, the timeline (8–12 months per deal) and resulting cash flow haven’t been sufficient to replace active income quickly.

I've had solid success unlocking value on SF properties by adding density when the zoning allows it.

You still owe income tax on that amount, but you avoid the extra penalty.

I fronted the costs and asked the tenant to pay $50 per month extra until it was paid off and told the tenant to only flush toilet paper down the toilet.

The key is that the new deal still cash flows after adding this debt.

Sounds like you’ve already dipped your toes into real estate by renovating and selling your own properties, that’s a solid start, especially with firsthand experience in adding value.

If not this method then look into adding amenities to already low performing STR market properties.Another that is good once you get experience is doing boutique hotels. 

You avoided all the extra hoops that come with an investment loan, and that 2.9% rate is absolute gold, so you’re right not to give it up.You've gotten some good answers others have mentioned, you technically could try to move the property into an LLC by changing the deed, but with a conventional loan, that often runs into lender restrictions or due-on-sale issues.

I’ve walked hundreds of properties with investors and it always comes back to how well we assessed it up front.Also just to add some extra value, if you’re serious about flipping, going to meetups is one of the best ways to level up.