First Time Homebuyer 2 years ago - ready to invest, now what?

[Alan Phan]

Hi all, been scouting the forums for a while and decided to ask a question myself.

Wife and I purchased our first (primary) home Jan 2021 in Los Angeles with interest rate of 2.6%. We're mentally ready to purchase another property as a LTR or STR (unsure at the moment, STR catches our eyes but not confident on COC return).

What should we know PRIOR to purchasing the 2nd home as a real estate investment? What's something you wish you knew before purchasing your 2nd home? Anything you'd do different? Thank you so much!