What to do with equity in So Cal? Sell, keep or upgrade?

[Cameron Campbell]

This post is inspired by show #238 @Michael Swan. I have about $250k worth of equity in a SFR rental in a suburb of Los Angeles I bought in 2010. The property about breaks even and the tenants are easy. I made the money to buy the house through flipping in college, but am no longer flipping and have a full time career in another industry. I am 28 now.

Is trying to 1031 this into a bigger multi unit the way to go? Where would I begin to look? (not in so cal!)

Does buying a bigger property using the proceeds of a sale that hasn't happened yet limit your buying buyer? or ability to get good financing? 

Thanks to anyone who has insight!