Trying to plan for my first step

[James Frisella]

I have been researching and acquiring as much knowledge as possible over the last month to get a plan together to take my first step. I currently have my "extra" money wrapped up in a classic car restoration that will be worth $40k-$60k when finished. Taking the almost 40% capital gains into account I was thinking I could use it for collateral towards an investment loan? I also bought my home 7 years ago and it has appreciated in value by about $20k (sale value of around $140k). I am extremely handy and have experience building and rehabbing homes over the last 15 years. With that, what I would like to do is purchase 1 or 2 homes to flip, rehab 1 myslef while living there for about a year. The other I was thinking about having a contractor do most of the work to flip in a few months and use the money from that home to kick things off. I'm looking for any problems experienced investors see with this plan or anything I should watch out for. Thanks!