Flip or Rent??

[Jason Bridges]

Hello, my wife and I are first time investors. We recently purchased a single family detached home with a tax value of 120K. We bought the property as a short sale for $60K. We are currently undecided on whether we should flip this property and sell it for double the investment, or simply rent it out for the long term gain of $1000 per month.  We estimate the cost of the flip to be aprox. $5K for cosmetic fixes. 

Any advice would be greatly appreciated, thanks!