First of all, sorry you have to cancel.
It would be easier to give good advice if we had a little more information. What is your use year? (need to know for banking deadlines and point expiration). What kind of points did you use to make the reservation - current year, banked? borrowed?
As long as you cancel the reservation(s) 31 or more days ahead of arrival, the points will return to your account with the same status they had before you made the resservation. Are you unable to reschedule your trip before the points expire? Have you passed your banking deadlines?
You are going to have to cancel the reservation in mid January to avoid having the points go into the holding account. That's not much time to find someone to rent the reservation. I'd suggest trying to do that first, though, since the reservations are for studios and for President's Day week - a popular time for many to visit. However, if details can't be worked out before the 31 day cancellation deadline, I'd cancel the reservation(s) and then try to rent the points. I might give different advice if I knew your use year and the status of the points you used for the reservation.
Good luck!
