Cashing out profits from a "boom and bust" market

[Benjamin Kanevsky]

I'm interested in hearing from some seasoned investors that have been through several housing cycles. I'm in the South East Florida market. From 2009-Present the housing prices are getting closer to the peak levels of 2006. Would it be prudent to cash out profits now and move them to a more stagnant Midwest market to achieve higher cash flow and wait for the next decline to hit in order to start investing in Florida again or would you let it ride? Would your answer change if you had a strong equity position in all of your rental properties and they were all cashflow positive?