Own condo outright - What now?

[Catherine L.]

I purchased my condo 2 years ago for cash ($490k, approx current value $550k) and it is my primary residence. It's in a killer location and the other units in the 12-unit building are always full rented or owner dwelling. 

My question is how to make this asset work for me. I could rent it out, but then I'd have to find somewhere else to live (aka mortgage). The property is increasing in value and projected to continue doing so, but it feels like a lot of money tied up when I could be more innovative with financial prospects.

Any recommendations for ways to capitalize on owning outright? Many thanks!