I own equity in the property as I paid consideration.

These are helpful considerations.

Risk Assessment: Consider vacancy rates, potential repairs, and unexpected expenses.Once you're comfortable analyzing a few deals, you’ll be in a great spot to pull the trigger on your first property.If you need help with financing or want advice on what options might work for you, feel free to reach out.

However once we started making improvements to the property, the idea of converting this to a STR (like the one we did a year ago), started to be a consideration.

Specifically will this property require a secondary form of egress and if so, can the architect provide this in building permit  plans and does the change of use trigger the need for an NFPA 13R sprinkler system?

Also there isn't as much appreciation in the area, it takes longer to evict (MUCH longer), and they have lien-able water and gas - so if someone skips out on the bill, it's on me as the property owner.My point is, high taxes are just one consideration but not an end all be all.

I understand some of the possible implications of making this move would be a likely higher interest rate and lower NOI on the new investment but would like to get additional feedback on what other things I should take into consideration with this possible move from those out there who might have some experience in this realm.

Unfortunately local politics often lead to policy considerations that are intended to drum up voter base appeasement as opposed to doing what's best for the municipality/city. 

I've been interested in real estate since Carlton Sheets but never pulled the trigger. 

Prices for staples are down a bit from their high and their inflation has slowed considerably, particularly in gas and many groceries.