Need some advice on renting home or selling

[Scott Sweeney]

I own a home with 140,000 equity and I'm trying to decide if I should continue to rent it or sell and use the cash to buy another property.  The home cash flows $550 after the mortgage is paid.  My next scenario i'm thinking about is buying a home in the Columbus ohio area and renting it out.  The thought of having a paid off home in Columbus is appealing i'm just not sure being a long distant owner is for me.  I've understand the 1031 exchange process and I've identified a good realtor/property management company in Columbus to help manage the property.  

Just looking for some advice or any other ideas on what I should do.

[Austin Steed]

@Scott Sweeney With interest rates being so low I would reconsider financing a deal and using leverage. Real Estate and leverage go hand and hand. Also on rental properties you can deduct mortgage interest dollar for dollar unlike a primary residence.

Also I think Columbus is a great place to invest. I have purchased two duplex's here in the last 6 months. Both are long term buy and holds.  Keep in mind Columbus is a big market as we just passed the population of San Francisco! So it's good to have an investor friendly local agent, which it sounds like you already have. 

Best!