@Carl Fischer The "problem" of roughly $3.4 million of potential capital gains wouldn't evaporate if the house was located in PA instead of CA, and had the exact same fact pattern. 

Thanks for the encouragement!

Agree with @Thomas S. and @Joe Villeneuve :  Extracting the equity to redeploy into either a new asset class or a diversifying RE income stream would mitigate the risk of that equity evaporating due to market conditions. 

Thanks for the encouragement brother.

This is why we encourage clients to be shopping even before they close their sale. 

The auction company will tell any interested parties that there is already an existing offer and encourage them to offer more.Who knows what this property will sell for once multiple buyers are involved. 

Lots of us would be living vastly different lives without their guidance and encouragement. 

My business partner has quite a few co-workers who have several rental properties and they have encouraged us to look into rental properties.

If you don't have an asset management strategy, I would encourage you to read the book called "Traction" by Gino Wickman.

I would encourage you to assemble the docs from this site-application forms, leases etc.