Need opinions/ advice!

[Joey Sargeant]

I bought a property about 16 months ago and have been renting it out for 14 months. The market in my area is going crazy and a few people have told me to sell. I never really planned on selling, was always the plan to long hold but it could be beneficial. I would reinvest the earned money into a multi family home so I could live in one unit (currently living back with parents due to a break up).

I paid 170,000 for the 2 bed 1 bath home. My realtor thinks I could get 225,000 for it. 

My accountant says i can claim principle residence since i did occupy it at one time and don't own another property.

About 30-35K free and clear profit to put into another place and pay off student loan completely. Also, I would just buy another place and keep this one but I am only approved for 250K more and that can't buy a multi family anywhere in the market.

In the end, keeping it is fine, the only motivation for selling is the quick cash. Its almost like a flip that i did no work too. My only investment is the 9K down payment and 4K in small renos.

Anyone have any advice or opinions for me, be super critical!