tenants leaving; sell? hold? Airbnb? Milwaukee

[Kelly G.]

Greetings BP

I have a SFH in Mke and my current tenants just gave me their 30 day. I am looking for general advice; just looking for things to consider. Here's the scoop:

The house has been a rental for @ 6 years with decent income; clearing @ $6k + annually; no mortgage; current market value @ $160k

I have probably broken even at this point with initial cost and all (many many) upgrades;  have no idea what the tax situation will be if I sell; would not be able to use 2 year personal residence - no cap gains rule.  

I'm kinda tired of managing it and have had lousy luck w/ property managers; . .  I live in CO - so have never been there to manage myself - only long distance

How's the airbnb - short term rental market in MKE?  I have no idea, but this seems like a possible option;  I'd hire my sister to do the short term mngt; cleaning; renting etc - Much to investigate here - maybe even for just a few months while I deal w/ my chaotic life (fix/flip) here in CO.  This is just NOT a good time to have a vacancy on my MKE house!

How would I go about figuring out tax implications of selling?  know a good accountant? (tee hee .. ;-)))))  )

Thanks for your thoughts - and Please - Do Not start contacting me about buying the place - thanks!

Kelly

[Bob E.]

@Kelly G. We just did a 1031 last summer, feel free to PM me if you want to go over how the process worked for us.  Overall  it was not that hard.