What's the next move? Needing advice...

[Elle Scott]

Hi Everyone,

Would love some advice from those of you who have been in my shoes before. I'm new to this and cramming education quickly. Im a young corporate sales professional with a large income (which we all know means "taxed to death" lol ) only a small mortgage and a car payment for debt. In July of last year I purchased a home out of state where my parents live so they could remodel it (which is their specialty and darn good at it) I needed the tax write off desperately and every mentor said it was a must. Why I didn't buy a primary home is because San Diego is mad expensive and I'd rather use my debt to income ratio on rentals or flips rather than a 500k mortgage.

After learning more about REI, I now want to work my way to changing my income source. So what's the next move?

I bought the home in Coeur D Alene ID  for 15k under asking price, 20% down, put about 10k in materials and 20k of labor -rough numbers as I'm still tallying up everything- Come July the status of the home is eligible to change from being second home to whatever I want and I'm researching whether or not to sell it, rent it or hold it longer. I'd rather utilize the investment for cash flow as I'm currently paying the mortgage on top of the rent I pay here in SD. It's tough to completely say without knowing my specifics and lifestyle, so I completely understand not getting straight forward advice. I expect to make a similar income this year and need a write off while I'm still a wage earner.

Should I sell the place, do a 1031 and purchase a MF for cashflow or another flip? Just hold on to it, continue paying the mortgage until I have a larger amount of capital to do a proper investment? I'm ready to start taking some risks and create cashflow :)  Thanks all!