I have my current mortgage as a 25 year (5 year ARM) at 7.5%.

Quote from @Cooper Meurer: Lately, I have been mulling the idea of selling my primary residence and renting for 1-2 years before we leave the Midland area and move to the Texas Hill Country (surrounding Austin area)Reasoning for this:- I currently have around 120k in equity in my residence and I have a 4.75% interest rate. 

Add to that there is currently a ban on foreign buyers in Canada (only a few exceptions and as far as I know they all involve living here).Capital gains taxes apparently used to be higher (before my time). 

If your current accountant is not a specialist in real estate taxation, you should look for one who is.Next time, you should also get a consultation to see if the cost segregation study will be helpful before proceeding with the purchase.

I currently live in Greensboro and own one property I live in that Im planning to rent out once I find the next.

The current monthly payments from all units will remain constant for 35 years, but obviously the value of those payments will be worth far less 35 years from now due to inflation.

My personal home loan has a mortgage balance remaining of 157,000 and it's currently worth 550,000.

Quote from @Steven Cornell: I'm currently researching the prospect of short term rental markets relatively close to home which is Saratoga County NY. 

Also, Texas trails in home ownership-currently ranked #36 in the nation. 

So, I don't think they would be able to stay.There is currently no loan on the property.