And I would have 0 debt service. 

Depending on how busy the office will dictate one on one time with customer service.

Ocean City is ripe for utilizing a local management company like Shoreline Properties (I have no relationship with them other than renting from them) that have all of the services in place.

I am currently renting out a property to an unmarried couple and I just recently found out they broke up and he decided to leave the property and cancel the services he was paying for.

Home is in a good market with public schools and high demand.Option 1: Simply sell home, downsize and purchase a smaller home and invest spare cash (pros: hassle free and homes are getting top dollar in the area, cons: feels like there's a lot to be leveraged with the home and would be missing out on future appreciation to "keep property in the family")Option 2: Rent the home and take HELOC or REFI to take out equity for smaller home purchase.

@Benjamin Thompson I am a Realtor and I service CO Springs.

What if you come from the mortgage servicing industry, or like a bank.

A CPA who services the real estate industry will likely be familiar with the various strategies within the tax code to help limit your liability.

From Publication 523 - "Determine whether you meet the residence requirement.

If a lawn service would charge $200 to do the same work, then $200 is the number.