$35K equity

[Will R.]

New to investing. I purchased my first townhome in 2009. I owe $70k and zillow has it valued at 105-110K. Currently rented and I pay $80 out of pocket each month. i would like to keep the property long term. i also co-signed on another property with my sister that my parents rent. profits from that will go to my sister and younger brother. We owe $80k on that property and zillow has it at $110-115k. Im getting ready to move to Nebraska and plan on using the wifes VA loan to purchase a home there. At the same time I would like to re-invest the equity from the first townhome to buy another rental. Is this a good/bad idea? Should I use it to finance the house in Nebraska? Maybe buy a fixer upper in Nebraska and use the equity for that? Also, thought about selling one to pay down the other ? What are your thoughts?