Cashflow keeps the lights on but appreciation will make one wealthy. 

I had a tenant that wanted to renew a lease, but only for 6 months - which would have left us in the middle of January (in Michigan :) Apparently they may inherit a somewhat run down house, and wanted to keep their options open.

It will also depend on how your asset allocation is, I like to keep mine mixed between real estate and the stock market.

Just be mindful to keep relationships with your tenants strong.I’m curious... if you had to pick just one route right now..sell, refinance, or optimize..where do you think you’d lean, and why?

Is it a position they could keep if they were in a different state than their employer?

Keeping your license and avoiding any legal issues is probably worth more than this one transaction.

@Dennis Bragg I keep getting hung up on the depreciation end as if its allowed or not.

Would it be a good idea to refinance and get access to that equity, or don’t and keep the favorable interest rate?

Keeping a 2.99% rate sounds great, but it may be costing you thousands of dollars if you are in the double digits with your other outstanding debts.

Also, monitoring contractors/sub contractors and keeping everything on schedule can be very difficult remotely.If you're buying turn key properties out of state is fine and a property management company and a good handyman can resolve most issues you'll run into.