First home, over half equity, sell it or rent it?

[Jeff Wright]

I'm in my first home purchased with my wife and flock of kids but am about ready to sell it. However long term hold is looking pretty darn attractive.  Could sell in great market now, or refinance for funds and rent it. We didn't rehab it to rent it though. We put in lots of high end stuff with the plan of selling.  

Equity is great, relitor says sell, wife says sell, but it's an A house in an A+ neighborhood.  

Totally new to real estate investing, so open to your opinions.  Good or bad. 

Future: We bought this as an investment, and will be doing more REI with the funds.

[Jay Hinrichs]

@Clayton Mobley  Tax free gain every day all day.. no question.. most markets we are at the end of a big run up.

the absolute best tax play in the US is the 500k tax free..  if they turn it into a rental they lose that.. and now they are forever tied to having to own a rental ( they may not like the rental business) and when they sell what was a tax FREE event becomes capital gain.  and then if you do sell because maybe having a rental is not for you .. then you have recapture its not a good long term strategy when you have a personal residence with a ton of equity sitting there you can grab tax free..  I understand in markets were homes don't go up much.. or your only talking 50 100k in absolute cash out equity.. but when you get into the 250 to 500k  those are life changers..  now you have this tax free money and you can see if being a landlord is really something you like.. then can expand from there if you do like it.. 

Or they can diversify into  syndications  crowdfunding  direct assets.. notes what have you they don't have to put all that into one basket.