Looking for general advise on my situation.

[Richard McCarthy]

Ok, so here is it. First I want to say that I love this web site.. Second "My situation" My wife and I got married about 5 years ago and neither of us were very finitely savvy so after we go married we bought a house in Austin TX, a 3 bed 2 bath 2100 sf buffington signature home in a new nice naborhood. We payed about 230,000 for and like typical young couple when out and charged up the credit card to fill it up with furniture. Then our beautiful baby boy came along a year later.. So we tacked on a little more debt to the pile.. well its took 3 years a few deployments with the army and my wife and I going to a Dave Ramsey course out on at our church to finally get our priorities straight, and now we are really starting to look good financially. Almost out of debt minus the house and Truck note.. The great thing is that now we are in a position to start building a significant amount of savings. With we plan on doing. So I came to this web site thinking about the future and the nest step for us, TO INVEST! :)
So here are a few concerns I have. First, I want to keep as much of our money in the bank and still invest as possible. Second. I am tent to be thinking more long term Landlord ship in vesting. My wife how ever is thinking about flipping houses. I keep reading everywhere that you don't need money to invest, but I'm not really sure what that means. Seller financing seem to make sense to me. but I don't get the details behind it.. Im thinking that in a few years we can rent the house that we are in and move into a new house. but its a VA loan and I'm not at all sure how that will work.. So I really need some over all advise.

Based on my current thinking this would be my plan..
over then next year put away 30,000 keep that as my back up emergency fond.
Then over the next year put away another 30,000..
That would be my investment money..
I would think the best thing to do. Is to go get pre-approved for a 100,000 then start shopping around for a property to buy with the intent of putting 20% down. while hoping to move a renter in that covers the mortgage with a little cash flow of the top of that. Then just work on paying that house off so I can get the hole rent as cash flow.. While saving up to do it again the next year and the year after..

Is that basically one way to do it? Is it a dumb way to do it? What are the better ways to do it.. I don't want to wast money or time. I want to use that 30,000 as strategically as I can.. I want to have a clear plan by the time I get that money in that bank..

I'm really looking for a " if I was in your shoes response to this post".
Let me know if that not enough information.
Thanks.