To take down or not to take down?

[PScamihorn]

I have a tree in my front yard.  It has lost bark along the south-facing side of the tree. It sounds like it is hollow in the center as well.  See pictures.  I've been wondering if this means the tree is dying or diseased?  However, it is showing signs of life once again.  All buds are forming. I'm wondering if I should take it down or if I keep it, what I can do to help it continue growing?  Any advice would be greatly appreciated.

 

 

[Steve Bullman]

Looks like its doing fine. Those bulges each side of the wound is the tree laying down healthy new tissue. Its a young tree so over time it might well close the gap entirely. Nothing needs doing at the moment, but will want monitoring as it grows bigger.