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So after 4 years away from 40k I'm getting back into things. I broke out all my old models/units and I realized I'm at a lost as the army that I have. I started out with a SM army but I was thinking about transitioning to a BA army right before I stepped away for 40k. These are the units I'm working with...

SM Chapter Master or Captain (Assault On Black Reach)
Command Squad
Shadow Captain Kayvaan Shrike
SM Chaplain w/Jump Pack

2x SM Tactical Squad (10)

2x Rhinos

Terminator Squad (AOBR)
Dreadnought (AOBR)

2x Assault Squad (10 with jump packs, 10 with interchangeable magnetic backpacks or jump packs)

SM Vanguard Veteran Squad (just 5 SM I did with extra parts, 2x PW/BP, 2x PW/PP, PF/SS, all with interchangeable magnetic backpacks or jump packs)

5x Extra SM with random weapons and such

So should I just stick with a SM army or do I have what's needed to start a decent BA army?

You have what is needed for a basic assault army but sadly this edition is all about shooting, if you can get assault off you should be fine but getting it to connect is an issue. If you normally have plenty of terrain to use I would put it to good use for cover and that would help your assaults by a fair margin.

You can go either way but shooting is in this edition.

Blood Angels were my 5th edition go to army. With 6th edition they are gathering dust now though as they sorely need a new codex to be competitive - so if you want to win, I'd highly recommend going with the new Space Marines over BA. The new grav guns alone are something you really need to have access to and those don't come with BA.

You have Shrike. Buy a can of black spray Primer, spray everything black and call them Raven Guard. Paint details whenever you get the chance.

Buy some Grav guns on EBay and start tricking your Tacticals out with Grav/combi-grav and put them in those two rhinos, buy a drop pod for those magnetized Assault marines and equip them with two flamers then maybe take a big group of them to put Shrike in. I'm not sure if Shrike has Scout but they won't gain it from CT: Raven Guard because they are bulky models. You'll just have to run them as a side threat and be happy if they make combat while you focus on other, stronger, shootier threats in your list. The Grav squads in rhinos WILL gain scout though (i know right? It makes no sense) so they become a pretty strong threat being able to redeploy 12" then either disembark 6" nd shoot with cover from the flat outing rhino or just flat out 18" into the opponent's deployment zone

On top of those assaults in a pod, you could buy another pod for the other 5 magnetized marines, give four of them grav/plasma/melta guns and call it a Command Squad.

Buy a 3rd pod and put the dread in it with his basic load out. It's not a competitive choice but you can gamble on getting first blood with the Multi Melta and it's another threat that can't be ignored. Also, with three pods, you get to drop two of them turn 1.

And then finally buy a box of Sniper/Cloak scouts to hold your home objective and you should be golden. Er. Black and emo. You know. Whatever. You may even come to love the Raven Guard more than you would have Blood Angels!

SM are more competitive than BA, but I like BA because they are super fun.

I second what bocatt said. With some tweaks you can make it into a workable SM list, but if you go BA don't expect to win much. However, sticking the assault marines in pods along with the Dreadnought gives you some good options in terms of who you want coming down first turn.