"trying" to get into property renting
Total newbie here so please bear with me if you read through this and think this guy as no idea what he is talking about. There is a good chance I don't. Here's my "short" story. Currently living in my first/starter home I bought through fha 7 years ago (218K now at 160) Finally starting to refi process on this house. Neighbors house is about to go on the market and I always eyed her place. We discussed and verbally agreed on a number. My concern is should I sell my starter home and take the equity and put it toward the new place OR put it down on property else where? Also debating if I really want my starter home to be a "revolving door" for my cul-de-sac? We are a pretty tight knit set of neighbors (6 of us) and I feel like I'd be ruining the neighbor hood.Suggestions? Do people rent out property they currently owe money on?