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Rent or Sell Condo using 1031
I currently own at 2/2 condo (905 sq ft) in SE FL which we are currently using for "snowbird" rental and our own vacations. Expenses are taxes, ins, utilities, and HOA fees.
My question is should we rent full time and profit $7200 - $8,000 annually or sell (125k) and utilize 1031 exchange to upgrade to a larger vacation home in same area where rental restrictions aren't as strict as Condo w HOA and rent multiple times a year without multiple HOA deposits and parking, etc.
Price for upgrade home would be around $400k. Any advice/opinion would be appreciated.
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Yes, I'm always worried about the HOA and have updated to not "overdo" the place. Thanks for your insight and reply.