Long term landlord approaching retirement looking to maximize income

[William Bohan]

Appreciate any advice... I was fortunate to pick up a great property in Leucadia, California in 2001 which will be worth about 5M after I complete ADU's on property. NOI will be great on this property at 16.5K with only 700K mortgage now. I realize that's a lot of equity to be sitting there so my question is what would be best move to try to increase income now. I've always managed my own properties but am beginning to open my eyes to the fact it may be better to have it professionally managed and focus on my investments more.

Thinking about 1031 option and buying more income producing properties possibly in other parts of the country.    Appreciate ideas on the wisdom of owning out of town like this.    If it is a good idea, what areas would you look at?       Daughter lives in Denver so I'm thinking about that area.     We don't have tons of cash outside of the equity and retirement accounts so 1031 would be most likely only option.        Thank you so much in advance!

Sean