advice for new investor

[Ryan White]

I live in virginia in a region with a heavy military population (which makes me think long term rentals could be a good option in my area).  I've got $40k-$50k saved up that I'm looking to invest with.  I also refinanced my current home last year to a 15 yr mortgage (in an attempt to pay it off faster).  I have an estimated $100k in equity that I could pull out with a cash out refi if I wanted to refinance again and increase my savings to around $150k.  Would I be better off leaving my current home alone (to pay it off sooner) and investing in 1 rental property with my $40-$50k or would it make more sense to pursue a cash out refi, convert back to 30 year mortgage, and see if I can purchase 1 or even 2 investment properties with the extra money?  I'd also appreciate thoughts on whether short term or long term investment properties are a better approach (or one of each) for someone in my situation and near military?  Unfortunately, I'll likely have to put 25% down because I can't pick my family up and move, so I know that limits me to an investment loan and way more upfront capital than I'd prefer.  I'd appreciate perspective from more experienced investors on what you recommend I should do.  

Thanks for the help!