$700k equity 2.7% what to do... Not a real estate guy!

[Jay Scott]

My wife and I own a 5 bed, 4ba 3200sqft on 1 acre in suburbs east of Seattle, bought 2013 for $385k. Refinanced in 2019 at 2.7 with some cash out, house appraised for 1.1 mil at that time, we owe $350k. This is our only property. Mid 700's credit, no cc debt, 1 car payment. 

We have 4 kids, 18 and 22 and both work and support themselves and continue to live downstairs rent free, so they are quickly building savings. Then an 11 and 13 year old. This was not intended to be our forever home as we would want to downsize the residence and upsize the property as kids age and move further away from the exploding development here. But selling this place at any point in time now seems a terrible idea. 

Our income is modest as my wife works part time, let's say around $120k/yr, not a lot of disposable income but we're comfortable. I'm diy with general construction, homebuilding/remodeling and site development background so flipping and brrrr scenarios are appealing as it's work I would be able to complete on my own and through personal contacts in trades. But it seems inventory is low and prices are high, in my uneducated view.

I feel like we were dealt a good hand here and have made good choices to live comfortably in this situation. However, I know next to nothing about real estate investing and I'm constantly wondering if sitting here on this equity and doing nothing with it is merely a wasted opportunity. I feel like we may be in a favorable position to leverage this home and potentially begin a real estate portfolio and/or generate income, but that's merely a guess on my part. I'm looking for some advise on how I should begin to explore my options here, or if there are even any viable options to explore. 

Sorry the long winded first post, I look forward to reading some of your all's thoughts on my situation. 

Thanks, Jay