When do you decide to sell a rental?

[Mike Lee]

Having coffee over the weekend with a younger investor in Atlanta, I had a question posed that could be worth discussion here. This young man is just starting out in his investing journey, turning his former primary residence into a rental in 2018. 

He has since changed his investment strategy, focusing on small multifamily instead of townhomes, and at the same time he now has roughly 160k in equity in the townhome. 

He is not a fan of the HOA or their rising fees, and was strongly considering selling while the market is hot, and using the equity to roll into a new property or pay off his current primary residence.

He has received some conflicting advice from his realtor, a fellow investor, and his family. What say you?

Would you sell an investment property that is cash flowing simply because it no longer fits your strategy?