Strategies on how to allocate funds

[Isabel P.]

Hey everyone, wanted to get your insight, new real estate investor here and wanted to know how you would allocate the funds in my situation. Currently have some loans through FAFSA. 

1st loan: 37k with 6% interest; 2nd loan: 33k with 6.6% interest, along the other small loans, my payment a month is $993. 

I was able to save $60k this past year and a half with a gross income, $39k/year. After running the numbers myself, it makes sense to pay off the high interest loan first (2nd loan) then make minimal payments after ($533/month). Talked to my CPA and they suggested to go that route then refinance the 1st loan (6% interest) then make minimal payments. 

Aside from keeping an emergency personal fund & some for unexpected housing expenses, I am debating between:
1) Paying off both the 1st and 2nd loan completely to reduce debt to income ratio, then begin investing

2) Paying minimal payments on student loans ($553/month), not refinance the 6.0% loan so I can use the payment plans from FAFSA (IDR, PAYE, etc.) then using the leftover funds maybe $10-$15k to get an FHA loan and purchase another Single Family Home then rent out our current home. Cashflow could be anywhere between $100-$250/month after expenses.