New Investor Financing suggestions

[Bruce Elsey]

I have recently come into some good fortune. I inherited a house that I will live in long term with my wife and children. The current house I bought, FHA, about 4 years ago. I believe it's current price is about market cap. FMV ~150k. I owe about 100k. Rental value approximately $1200-1300 but I probably would need to update the kitchen and bathroom.

I am doing some deep research and deciding if/when to start purchasing rental properties. My main decision is: do I sell my current house and use that money to start investing? Or do I refinance and rent? Side question— should I consider taking a loan on my new house to fund purchasing or is that too risky? What do y’all think?