Not sure what to do

[Stephanie M.]

We have been renting out our former home for the last 13 years. We live 15 minutes away. Our current tenants may be leaving and we are thinking of selling the property. We plan to leave the area and move back to Florida in 5 years. Not sure whether to rent it out one more time before relocating and then sell closer to when we leave; or sell now and find a replacement property in Florida somewhere. I have heard that it is unwise to purchase investment property if you do not live nearby. Of course we could sell and take the tax hit and not look for a replacement property. We would rather not manage tenants for the time being. We thought of exchanging the rental for some land to hold on to until we are ready to purchase another rental property, but again, not sure.