Looking for advice from expert investors!

[Caroline Lowe]

I am a new investor just starting out.  Fortunately, we already have a rental property but I really need advice on how to proceed.  My goal is to have at least 5 cashflow properties in the next five years.  Would love to be making $5000/month or more.   My husband has a great job but he travels too much and we would love to work at this together and free him of his job in five years time.   

We live in the hot Denver market-very high rents and high value in the sfh .  But, are thinking about moving to Phoenix or Texas (less travel for him)...this is not altogether necessary.  

We have one rental property that is in a mature neighborhood.  We can sell it now and make 100K and take out 170K to reinvest using 2 out of 5 year rule to avoid capital gains. Thinking Duplex, Fourplex or larger if can get in on a good deal. Or we can keep renting it for $900/month cashflow.  Our other property where we currently reside is in an emerging neighborhood (walking distance to an up and coming neighborhood) could be sold for a $60K profit this summer but we will have to pay capital gains since we will not have lived in the house for 2 years and we will be using that primary residence exclusion for our other home.  

I see the options on this house as... 

1.  sell and reinvest money into a house hack where we move

2.  rent until the house appreciates (the cashflow on this house will only be about $300)

3.  stay here until we reach the 2 year mark then rent for 2 years until we can use the primary residence exclusion again.    Is this worth it or better to use the money for a different investment property?  

I also would love to know what you think of keeping our rental property vs selling and using the money for a better cashflow property (and if this is possible in Phoenix or Texas--I am hearing it is but I would love to hear it from those of you who are experiences it!).