Should I Update & Sell or Keep as Rental unit?
My wife is on the deed of a property with her grandmother. The property has no mortgage and she has been considering moving her grandmother in with us and either selling the property or renting it out. Our goal is to create a rental portfolio over the next several years so this would be a great addition. If we rent this unit out it will be our second rental property. Our dilemma is we are not sure if we should sell or rent it. If we sell it, she will realize a nice gain but she will lose an opportunity to add another property. Would we be wrong in foregoing the immediate gains from the sale of the proprerty by keeping it as a rental unit?
Any input is appreciated.