Sell or keep as short term rental

[Kyna Ngo]

Hi! We need some advice. We have a place in Palm Springs CA which has acquired a lot of equity.  I can’t decide if we should sell, pay off some debts and invest elsewhere or renovate and keep as short term rental. I am also a high income earner so I am trying to see what’s overall the best. It’s currently a long term rental now. 

Should I consult a tax advisor? 

Any advice appreciated! 

[Stephanie P.]

Quote from @Kyna Ngo:

Hi! We need some advice. We have a place in Palm Springs CA which has acquired a lot of equity.  I can’t decide if we should sell, pay off some debts and invest elsewhere or renovate and keep as short term rental. I am also a high income earner so I am trying to see what’s overall the best. It’s currently a long term rental now. 
Should I consult a tax advisor? 

Any advice appreciated! 

Yes, consult a tax advisor.
I would sell everything I have if it was in California.  If it's an investment property, I'd take the equity and invest it in middle market areas that are landlord friendly.  There are some great properties in Pittsburgh, Kansas City and lots of places in Ohio. Think about a solid college town that you like and rent to students each year (get the parents to co-sign).