I recently cashed mine out a high and have to tell you I am a bit relieved to be out considering that I had a good long ride on them and it appears the party MAY be over.

YEP -- RAGBRAI.It's a end of July bike ride across Iowa!

I rented in Ashburn and South Riding both for years and I always assumed they were probably the areas with the best tenants in Loudoun.

When we own physical real estate we have to plan for down markets, come up with creative solutions, and do everything we can to ride those down markets out.I have both REIT and Syndication investments, so I am not opposed to REITs.

Ideally, something that's a 30 min uber ride or less from DCA or IAD.

The real question here that I would be thinking about is, assuming you want to scale, is your cash better spent improving this property and then leveraging your equity OR just using your cash to buy more properties and let this one ride. 

You can also not let them ride that way for long... you could limit their option 90 days, and say, "Within 90 days I'll need a decision of staying or going or we will be changing the lease rate to "$X more" or whatever makes sense to you. 

I am enjoying the realestate ride and all the learning over the past 2 years. 

This option has everything to do with riding the investment, not the property. 

No Free Rides!!