Sell or Hold? Payoff or Leverage?

[Brandon Boogren]

Looking for some advice! I currently have a Single Family 4 bedroom 2 bathroom house in Hastings, MN. I purchased the house 10 months ago. I did some cosmetic updates to the house (granite countertops, new Stainless Steel Appliances, fresh paint, etc.) since I purchased the house. 

I am now trying to determine my best strategy and don't really know where to go from here. It seem's like there are three options:

1. Sell the house

2. Rent the house

3. Stay in the house

The safest/easiest option seems to be stay in the house. That being said, I want to create assets that pay me which option #3 won't do.

I like option #1 but I am unsure of the details (will I face capital gains? Should I get the house appraised?). If I sell the house, I would like to put the money into a duplex, tri or quad that I can use as an asset. 

Renting seems like a good option and what I am leaning towards. My only concerns are the house was built in 1987 and will more than likely need bigger Cap X improvements as the furnace, ac, water heater are all original and the roof it up there in years (12 years I believe). If I ended up renting I would need to either move in with parents or buy another single family home.

Long story short I am eager to take my next step into real estate investing but I am unsure where I should take the step. I am sure you will need more information than what I gave, but any help would be greatly appreciated!!