Getting Started. Second House.

[Zachary Bowers]

In June, 2020 I purchased my first house for $230,000.

Today the property is worth $285,000.

The Mortgage is $1400 / month.

This was an FHA. I lived there for one year renting out the lower unit and then moved back home and live in my parents house.

I rent the Property out for $3200 / Month.
(This is an unofficial duplex)

I pay Utilities (Electric, Water, Internet)

I want to refinance (possibly cash-out refi) this property and put it under an LLC.

I then want to then use my capital to purchase another home using an FHA loan.

Can anyone please give me any advise that they think would help guide me through this process. Hidden issues, etc...

I have about a 700 credit score, $35,000 in student debt hurting me a bit.

I am not even sure what bank I will be going to for this yet.

I am located in the Charleston, SC area.