So I would calculate what you would be making or losing per month in rent vs. carrying costs and make sure holding onto it for up to 5 years is a viable financial option (as mentioned below making sure you can rent it is obviously important - if your building had evictions via the Ellis Act you may not be allowed to rent it) . And also compare that to what you might lose by selling now.
I'm just going to presume you put at least 20% down since most TIC lenders require that - so while I doubt you would get all 20% back - you should get some cash back. It's an investment loss that may or may not lose more value before it improves - and again, I'd compare that to your carrying cost options and what else you might do with the money you do cash out with - eg, is there a better investment option - or a great real estate buy where you are moving to that you would want or need the money for?
And like those below me, I'm very comfortable with TIC's and wuold be happy to hear from you if you would like to interview me and/or get a home value report. Contact details on my Trulia profile and website (below).
Eric has the best answer. You should get a Comparative Market Analysis done by a realtor and then decide. The market is getting better (two out of 3 of my listings just got multiple offers) but it'sl not a great market for sellers. The government may extend the first time buyer credit (which brought many people out looking.) If it does you can factor that in. At the moment, you have missed that opportunity.
It also depends on what the TIC is. If it's in a two unit building for instance, with an owner in the other unit, that means that it would be more desirable. If it's in a six unit building and you haven't won the lottery yet, that's another thing all together.
There are quite a few TICs out there and with condo prices coming down, so have TICs. Best to have a knowledgeable real estate agent look at it and help you evaluate.
You should also look at your TIC agreement and loan docs. You may have limits on what you can do in terms of renting the unit.
If you have other questions, don't hesitate to call.
Good luck. Best
We deal with a lot of TICs, and my answer would depend upon whether or not you intend to rent once you leave. These deals are complicated, and the financing right now is not favorable to sellers, but I would want to see your unit and talk about price before making recommendations. Contact info is below.
Lance King/Managing Broker
You may want to look at renting out your unit, if that's possible as per the TIC agreement. That would be an immediate option. Buyers who purchase TICs are typically not expecting to move within a year, as TICs are a bit more challenging to sell now that condo prices have dropped.
I'd recommend running the numbers and seeing what you can afford to do. I'm sure any of the agents here, myself included, would be happy to provide a market analysis and some solid counsel.--Eileen