Considering converting primary home into first rental investment

[Laurieann Frazier-Duarte]

Hi Everyone,

So, I live in a location (Rockville, MD) mostly consisting of high-priced properties and find it difficult to consider SFHs for buy-and-hold purposes.  My strategy of interest is with buy-and-hold of SFHs and eventually commercial space. Distressed homes are hard to find, and I am learning that I don't have the fortitude to withstand the rehab process.

My goal continues to be finding residential and commercial (office/conference space) property for rental purposes over a one- to five-year period. To begin, I am considering renting my primary home because the loan is at a low interest rate, and the cash flow, based on comparable rentals in the area, is promising.  Cash flow will be around 1200.00 before maintenance set-asides.

Items of concern are getting to an ARV for appeal due to minor repairs, clean-up, and available cash required to acquire a new place to live.
1. Is it wise to borrow from the equity to make any necessary repairs, or should I delay the rental process until I acquire enough savings in 12+ months?    (Approx. 5 to 7k).  This seems not to be a viable option because there would be an increase in my interest rate.  I believe my home can benefit from minor renovations in the basement bathroom, new laundry appliances, painting, and replacing railings on the home's exterior.  

2.  In finding a new place to reside, I would again require funds for a downpayment on the purchase of a new home or reside in a rental myself until I save up enough funds for another purchase.  

3. A final choice would be to rent the primary in a few months, reside in a rental for several years, sell the primary, and purchase another SFH for rental and a SFH residence as a new primary.

Is this a viable place to begin investing?

Am I on the right track?

Any other things I should consider?

Thanks for any feedback.

Laurieann