This happens all the time, usually with heirs, but it can be squatters as well.

I am an investor friendly agent as well looking to start my journey in RE investing.

:) Well, if the planes take off and land from east to west, buying a home that is north or south is not directly in the flight path. 

Quote from @Karen Smith: Quote from @Jay Hinrichs: well have been a PML HML since the late 80s. benefits are:1.

Without knowing all of your specifics, I'd say that it's only worth holding on to if you can reasonably expect to have some really good appreciation in the near future (like 5 yrs)....Or, in the case where it would run well as a vacation rental, you could switch the usage, maybe?

@V.G Jason Well that was a lackluster response.  

With that said, I've done some research on the market and found the following information helpful in my considerations for Phoenix that you might find helpful as well:  Demand for both buying and renting property remains high due to the city's strong economy and growing population. 

As for your ques if to wait, well, it depends on the market, in some parts of the country prices are still going up, slower, but still going up, other parts the prices are coming down, you know that area, what is happening there? 

I am learning in the real estate business as well but in the Kentucky/Tennessee Market!

Other lease provisions may apply as well, such as prohibition against causing the LL to incur fines and damages.