Dear Omaha Sunshine.....
I have great news for you, my friend. Since I can read between the lines and have a lot of experience with clients in your exact situation, let me jump in.
Based on your research, you obviously live in my city of Coon Rapids. And yes, you are correct that they have made it very difficult for a homeowner to become a landlord and lease this out to a tenant. In fact, every single investment property client of mine has chosen to sell any properties in Coon Rapids and will only purchase in other cities in Anokay County (i.e. Anoka, Ramsey, Andover and even St. Francis). And they fair much, MUCH better out there than they do in CR.
That said, I can stil tell you that you could jump through the hoops you discovered and still do okay. As opposed to one suggestion from my colleague, I would definitely hire a property manager to check on your property and take care of issues while you are gone. It is a 100% right off, and when combined with your ability to deduct your property tax, your maintenance fees, and even your depreciation.....combined with (yes, for the first time in 4-5 years) APPRECIATION....you would have a huge money producing investment yielding FAR more than what you could get with any other investment. However, you will be lacking one thing and that is leverage. That will take a complete different discussion between us later.
Now, if you are moving for work and need to purchase another home, then you have a couple questions to answer. First, do you need to sell this house first in order to get approved for another loan? Second, if you DON'T and you could still qualify for another one, will that approval give you the house you need in Omaha? Well, i have a relocation client right now moving HERE from Omaha and I have a few thoughts about that market vs. ours. Ours is much healthier. Again....call me for more details.
But you asked a great question about selling here. You should have no worries. In the past couple weeks I listed two homes in Coon Rapids. Both were in nice shape and they were average value. Now, I am NOT bragging, although I excel at what I do, I am simply going to illustrate exactly where the market is for you. I listed them both on a Friday afternoon. In both cases I had 30 showings.......3+ offers.....by the end of Sunday. Yes, we picked the highest and best offer, of course, and that was it. And in both cases we got asking price or over with almost no issues to deal with. This is our market right now. I can sell your home in 2- 3 days to the highest bidder and it can probably close in 3-4 weeks.
Your own prediction was that "selling probably makes the most sense". And in this case, I would agree with you, even though I do not understand the full story.
Yes, the market has improved in a HUGE WAY. Last month, in April, our average sales price went up 12%. That is the highest since 2004 or 2005. Yes, we are excited.
Feel free to call me next week to talk about more details,