Guidance making my first move.

[Andrew Meikle]

I am new to this and doing my homework as I go here.  I wanted to ask you professionals a few questions about my current situation.  I do like the idea of buy and hold, house hacking and short term rentals.  I will have a substantial bump in pay in my new place that can help fund any of the above.

My current home value is roughly $500,000 and I owe $142,000.  The property is in the Salt Lake valley and is in a great market. I am moving out of state and want to use my equity to start acquiring assets. 

My investor friend mentioned keep it and rent it.  I would be able to certainly cash flow $350.00 after expense, property management, and 20% down on my next property in Idaho Falls, Idaho.  I like this approach as its the slow and steady method to meet my goals. 

What would your recommendation be?   1) Keep this asset and rent it for the cash flow and equity growth potential?  2) Sell the property and use this money for a house hack on my next home (build out a mother in law) and rent it?  3) Use the equity to buy another house and look in to short term rentals in the surrounding popular areas like Island Park and Driggs Idaho?