Advice: Starting out with 50k cash SoCal

[NAZMUL HUDA]

Hi everyone,

I would like some advice.

How would you start your real estate investment journey with 45-60k cash on hand?

Background: 31 years old. Family of 4. Based out of Riverside

Take home pay after taxes: $4300

Monthly expense: ~$3255

Currently renting: $1440/mo

I have one house I bought in in Riverside in 2012, but no cash flow since parents are living in there and paying the mortgage, bills, and maintenance. Conventional loan at 4%. 35k HELOC available, took it out June 2018 for roof repair.

3mo in emergency savings separate.

Ideally looking for somewhere to live with my family (wife and two children, 6 and 6mo.) and rent our extra space. Or live in brrrr?

I work in Corona/Riverside border and would like somewhere driving distance.

Thank you! Looking forward to hearing from all of you.