Looking to buy first rental advice needed

[Zhou Ni]

Hey everyone my name is joe, i am 29 years old married with 2 kids. We brought our first house couple years ago, the house was build in the 70s with 0 updates so we got a good deal for it. Put about 60k in it to fix up. We are looking to buy our first rental property, so my question for you 1 should we get a appraisal on the house and take out a home equity loan, 2 since its our first rental should we buy one that is ready to move in, a fix upper?