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$1M does sound like quite a lot if you are unable to set aside some cash reserves to cover when rental income is temporarily unavailable due to being in between tenants. No-one here can give you good advise when they dont really know your circumstances, however I suspect it happens more...

I see you are relatively new here, having only two posts. You might want to explain why you think you cant keep the old house, there may be ways you can keep it. My understanding is that depending on your circumstances, there may be ways you can manage to keep the old house.