If you can get a "no cost" mortgage at a much lower rate, you might benefit for 11 months. Heck, you could even do an adjustable if you were SURE you were going to sell. You will have to put cash in to get to a 20 percent equity position, however. If the property is worth $290,000, then your maximum loan amount will be $232,000.

If you refinance and end up with significant positive cash flow, you may want to hold on to the property for awhile. If you have a solid tenant and the property is in a high-demand area, you may want to consider this property as part of your diversified investment portfolio. Do the math, allowing for all expenses, including vacancy/collection loss, the HOA fee, and repairs, maintenance and capital improvements. Calculate your cash on cash return and consider any appreciation as gravy.