Looking for advice..first time investor
I bought my first house about 1.5 years ago. I have since fixed it up and could sell it and make about $20-$25k in profit on it now. I'm having a hard time deciding what to do as this house is my primary residence. I could certainly flip the house and get into an apartment to at least live in for now. But even then, would it be difficult to finance another home while renting out an apartment at the same time? Id want to find another house to flip and am unsure how all the financing works when i already have a decent monthly debt. Would it be easier due to the fact that I'd have about $30k I'd be able to provide as a down payment? What would you recommend doing from an investment standpoint? Would it be better for me to wait until I've lived in the house for 2 years to avoid capital gains taxes?
Thanks for any help and advice.
Andrew