options of buying first investment

[Caleb Hojara]

Hi all, my dad and I are currently in the market to buy our first investment property. I wanted to get some feedback on different options we could use to do so. So far this is our plan...

as of right now we only have 1 asset, which is a small apartment that we let my grandfather live in rent free.. the property is currently paid off. I would like to maybe hear some options we could use to try to pull some equity out of the property, if that is even a smart option? or if we should just use a traditional conventional loan to purchase our next property. 

our ideal plan with the next property would be to purchase as a primary residence and let time build equity or hopefully apply forced appreciation with some renovations. we currently are in the competitive palmbeach/broward county Florida market so it is extremely difficult to buy anything under market value even if it is a distressed home.

I have also thought of trying to do a Househack with a multifamily unit, the only problem we're getting with that is trying to get approved to purchase and affording the downpayment. 

we are currently approved to purchase up to 700,000 range.

My dad has a great W2 income job and also good credit. I am more of the sweat equity partner =D

Hope to hear some awesome strategies! thanks BP!