Where to start?

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My husband and I are just getting started in real estate. We just bought a $300,000 home 2 months ago that we are living in currently. We are now looking for an investment property, our first inclination was to buy a rehab home in a nearby area and flip it but our lender is warning us that this could end up being not worth it in the long run as we are likely to put more in than we will get out.

We are itching to get started, we know the loan is there without having to borrow on our live-in home and our lender says all we need is 10% which shouldn't be a problem for us, my question is, where should we get started? Do we start with a rehab or do we start somewhere lower on the chain?

I don't want to jump in both feet first and then end up drowning, but at the same time we want to get started asap!

Any advice would be greatly appreciated, thanks!

Leighbeigh