I know the two year rule exists but the market is extremely hot and now would make the most sense to sell as opposed to hanging on as rental.

Also, you can't raise it more than what your tenants will bear otherwise you will trigger a turnover...Protesting the value of your property is a possibility. 

Interest rates are still extremely low and you may want to lock that in on a 30 yr fixed rate.

If the answer is yes to both, then you likely should pull the trigger. 

However, there are pockets of more affordable homes in some of the A areas that do extremely well as investment properties.

Extremely intelligent and from a very wealthy, politically connected family in Texas.

@Julie Hartman - Interesting option with the 2-4 month lease, but looking at a 10% increase ($200 in my case) seems to be extreme. 

Because of the extremely long duration of the loan (30 years!)

It then rebounded dramatically in June and July, as consumers rushed out to buy suburban homes, seeking more space for working and schooling from home.Builders now say they continue to see a steady stream of buyers, due in large part to the extreme shortage of existing homes for sale.

L.A. and Neighboring Counties Now in Extreme Drought.