Looking to get into rentals... advice please!

[Richard Rodriguez]

Ok so I’ve listened to most of the Rental Property Investing and wanted to give my situation and hear some options/opinions from others that are already doing what I want to do.

I was given a house (3bd/1bth) by my father but I am currently living in it. My plan this year is to get rid of most or all debt (Also listened to Total Money Makeover) and move into something bigger for my growing family.

I want to rent this property out. I owe nothing but taxes to it so most of it will be cash flow. I was also thinking once I’m in my new house I would take a small loan out on it so that I can remodel it and up rent.

I do not want to sell it so that is not an option.

What other options do I have? What would you do?