Hi from Southwest Florida and looking for startup advice

[Russell Strayer]

Hi! I am a new member from Southwest Florida! Born and raised with lots of local knowledge and looking to get into real estate investing!

A little about me... I purchased my first home two years ago through a short sale. The process was atrocious, it took me over 8 months to close, but was well worth it. I bought my first house for around $90,000. The original contract price was $125,000 and my banks appraisal (bofa) came in low and the sellers bank took it. It is a 3 bedroom 2 bath and has a detached mother in-law suite above a 2 car garage with a full bath downstairs and upstairs. I now rent the front and live in the rear. The front rent covers my mortgage and some.

I just refinanced my house (the original mortgage was fha) to get some equity and get out of the fha. If the appraisal comes back with what we are expecting it to, I am looking to use that equity ($40,000) to purchase my first investment home. I am on the fence with flipping or buying a rental property.

Anyone have any pointers or knowledge they are willing to share? Anything helps!