You have the ability to sell while limiting your capital gains tax because you lived in 2 of the last 5 years. 

The opportunity cost of losing potential market gains in your retirement fund should also be considered.

If so, they can sell within 2 years and not pay capital gains taxes on the sell of the home.They could take that money and buy multiple rental homes in other areas if they wanted, or use the money to downsize in to a different home while still having money left over.

Quote from @Joe Paasch: I have joined this site to gain important incites, discussions and plans to build a successful portfolio.  

My goal is to help property owners navigate management challenges while ensuring their investments are well taken care of.I’d love to hear from experienced investors about what’s working in the Charleston market and share insights as I gain more hands-on experience.

I look forward to learning everything there is to gaining financial freedom and becoming an investor. 

With new regulations in Canada like the flipping tax and property gains tax, I want to be mindful of the risks involved. 

Stay consistent and take calculated steps to gain momentum!

Instead of spending years learning by trial and error, working with a coach or mentor can allow you to accelerate your learning curve, gain confidence, and achieve your goals faster.

I would keep it in a high interest bank account might as well earn as much gain as you can no matter how small it is.However I think some debt pay down would be great not to the point where you are not liquid enough to Jump at another opportunity or can’t make a major repair when it arise.