NC-New to Real Estate need advice on owned property/purchases!

[John Tart]

I am new to Bigger Pockets but not necessarily new to Real Estate.  I'm relatively young (31) but have learned a lot from my Grandfather in terms of real estate before he passed away a few years back.  

I currently own a townhouse that has been paid off.  I am looking at a few properties now that I want to purchase to either flip, or rent.

My question is, would it be better to sell the townhome that I currently have and use that cash to invest in new property to flip and use for renovations/construction...or would I be better suited keeping the townhouse, renting it out and using the equity to take out money for other real estate investments.  I have a property in mind that I am looking to buy but don't have the cash to outright buy it.  I either plan to flip the property or rent it as well depending on the market when finished.

I came here with my question because you all have been there, done that.  Which is the better option?  Is there another option I am not aware of that can work?

Thanks!

-John in Raleigh, NC