There's no wrong way, as long as it makes sense for YOU.

I’ve seen that in my W-2 job, so it makes sense that the same value is applicable in real estate.

Although whichever option you go with make sure you're also thinking about the long-term property value and what makes the most sense vs trying different angles now that negatively impact future resale/property values down the line. 

It makes so much more sense for me in my situation to sacrifice that cash flow so that I can focus elsewhere.

I sometimes think about investing there given my affinity with the location...but realistically it just makes more sense to put my money in rentals in Indianapolis where I invest currently and the returns are still solid.

I'll rehab and brrrr if it makes sense but I'll either stabilize my real estate company a bit or move on something if a killer deal crosses my desk. always looking for small multi's on clevelands east side. 

It likely will only make sense to keep if yoy decide to make it your primary residence (keeping the prop13 savings).  

That all makes sense.

If cash flow improves, it might make sense to hold onto the property while expanding your portfolio with new acquisitions.Reinvestment OptionsIf you sell or pull equity, focus on markets and property types that align with your cash flow goals:Out-of-State Markets: Research markets with strong rental demand, favorable landlord laws, and higher cash-on-cash returns.

Whatever makes more sense.