BlueJay Here. 2feathers, I've been through this myself. I recently moved from a three bedroom house with a basement and finished attic, into a much smaller one level three bedroom with very small closets.
Have a yard sale, and download some stuff. We did, and made almost 500 bucks in the process.
I'd think long and hard before parting with the vinyl, though. I did that once about ten years ago, and I've regretted it ever since. I got rid of probably 300 records in a downsizing frenzy. (I kept my favorite 100). Many of these albums have never been released on CD, or were released and are no longer available. I just missed getting Jesse Colin Young's "Soul fo a City Boy". A friend had the CD, but by the time I tried to get it, it was no longer available. (See the Procrastinator Club Thread).
Finally, you could consider renting a storage space. I did it when my wife and I, three kids and newbie grandson all had to cram into a two bedroom apartment for a couple of years. Sure, it cost me thirty bucks a month, but allowed me to keep appliances, books, my remaining LP records, camping gear, etc. I still have most of the stuff, which would be costly to replace.
Just my two cents worth. But really consider keeping the vinyl! Thanks, BlueJay