People make big money decisions based on what the rules are TODAY, and changing that seems very unfair. 

@Amy SilvaOne thing you likely want to make sure doesn't happen is that the property taxes don't get readjusted.Property taxes in CA stay relatively the same under one owner until the title is changed.This may be just an important decision as income taxes depending on what the property taxes are right now and how much they would be under an adjustment.

Good luck on your decision! 

Some decisions in business are hard but necessary.

Regarding the decision to sell vs. rent, as an alternative to selling, did you consider doing a cash-out refinance in order to pull out the equity in excess of what you had into it?

If so, that will drive a lot of your investing decision.

And there's always the intangible factor of the how do you feel about working with this person intimately for a few months on one of biggest financial decisions.

I'm young and hungry to continue to invest in real estate, just wanting to make sure I make the right decisions.

The process is like a decision tree that causes different actions depending on the amount of damage and if it is an insurable/not insurable. 

Buying your first investment property will be one of the hardest decisions of your life!