Is now the right time to sell an investment property?

[John Joe Rother]

My business partner and I purchased our first investment property 3 years ago. It is a townhome in Virginia about 2 hours away from both of us and the lease with our current renters ends in November (not sure if they want to renew or not). In the past year the value of the house has gone up by 100k and my business partner is saying that once the lease is up we should sell because the market is due to correct itself sometime soon. We could either use that money to invest in the stock market or, once the market cools off a little, use the money to invest in a property closer to where we both live. Should we sell or hang onto it?