@Deborah Wodell- thanks ...I think this depends on  what your future goals / plans are .....if you are needing to raise more capital than you have on hand , then selling is likely a smart  thing to consider .....if you can raise capital needed for the the new purchase - then  keeping the properties make sense 

I was born and raised in San Francisco and ran into those same issues back in 2021 when I first started.

This is typically raised from investors and it's used to close on deals and to operate the asset(s) after closing. 

Then you raise the concept of wholesaling with financed EMD's.

(This allows us time to raise rents plus appreciation over 5 years to then do a portfolio refinance to pay back the line of credit). 

Looks like we have to raise the rents.

Just like @Nicholas L. and @Scott E. use him to get pumped up and to feel motivated but stick to books, BPs, and real-life experience.I would never invest in one of his deals, I believe the big returns were cash-out refis after raising rents and the others are like 3%.

Typically reno scope/rents/insurance/etc. are very market-specific, so building your analysis muscle for your chosen market is important so that you go in with the best possible chance to make an educated choice on purchasing.

I just raised our rates for 2025 and we have about 25 days booked for next season.Our property values are outta sight but there aren't as many STRs as in the Smokies for example.

Over time, raise the rent to see what the market will bear.