Advice seeking on future rental property

[Mink Chanhthanam]

Hello everyone, I am new here to the community and also a new investor. What I seek is knowledge and advice on my current situation. I am all ears to what everyone has to say I am ready to absorb knowledge from everyone who is well seasoned. 

So the current situation I have is what route to take, I am currently looking a potential townhome for 500k in the salt lake valley 5.1% interest rate on a FHA with 3.5 down. 3 bed 3 bath, unfinished basement. What kind of actions would you guys take to get this to cash flow in my situation. Would it be better to purchase this for the appreciation to be able to refinance in two years to pull the equity and move into the next property and have this for tenants to pay off? Or even finish the basement to be able to maximize on rent?

I actually put myself on pause before submitting an offer because of these issues and questions that come to mind. I just want to make sure I am not way in over my head.