Trying to decide what to do with a Vegas Property

[Courtney M.]

I am trying to get some advice on my situation. I have been flirting with the idea of either renting my house out or selling it for the past year. I have been so scared of making the wrong decision that I have done nothing with the property for the last year. I bought the property in Las Vegas in 2009. It was a bank owned property that needed some work. I paid 114k for it and it is worth today around 270k. I also own another property outright and some land. This is my primary residence but I have somewhere else to go.

A. Should I sell the Las Vegas property and use that money for a down payment to buy a multifamily unit?

B. Should I keep the Las Vegas property, rent it out, and take a mortgage on my other property that I own outright and buy a single family home or condo with that money?

[Jay Hinrichs]

you can sell the one you lived in and pay no tax.. as it was owner occ that's appealing. 

other wise its really personal decision and you will get 17 different opinions on what to do on this site that's for sure. :)

ya we sure hate that gambling for appreciation.. but some folks have to live with it.. good job.