You said you are ready to move on with another one, so are you keeping the current as a rental property?

Leaning toward keeping everything the same but not married to that idea. 

Whether it's  keeping  their home or selling keeping as much equity as possible.

Keep in the mind the size of the unit--2 ton, 2.5, 3 all cost something different. 

I would also recommend keeping a big, beefy emergency fund.

That's important to keep in mind.

I would be weary of that. the rate and terms seem more favorable for a regular transaction. take the cash now or keep the property. 

Keep in mind to get the best rates (including for refis) you have to live in the property.Living with your parents can be beneficial since you would be living for free, but is that the lifestyle you want?

Thus, the need to look elsewhere.Still, there is this factor I'm questioning which may be the discomfort that keeps me from going this route.

A landlord can keep those reserves and use it for normal wear and tear or more serious damages.