Advice on next step-- first house investment

[Amanda Lindsay]

I'm definitely new to the investing game, so please bear with me. I am a property manager for a smallish company and planning on getting my real estate license within the year. I walked in to this job to help a friend with zero experience and have slowly been learning as I get all of the affairs in order. 

In my personal life, I have bought a larger house with my fiance and daughter because we outgrew my starter home. That home will be paid off this year (I had a private friend loan me the money so it's in his name). I am currently renting that house out for $1,000 a month, giving me the ability to pay it off much sooner than later. I opened an LLC and the house will be put in that business rather than my name at the payoff date.

My question is, would it be wise of me to refinance traditionally and pull the money for another project, or wait until I find a good deal and mortgage a BRRR house?