Am newbie, hesitant of my plans .

[Jake Colina]

Hi it took me sometime to write because absolutely very new to this world of realty. Am in medical field of RN. Am the only one bread and butter in the family and been working for 15 years of service but still struggling because like I said am the only one working supporting my family. Now my question 1) my house now basically my first one with a mortgage balance of 420k and last month my house was appraised of 550. I bought this house in 2010. If My house sold for 550k is it a good starter to use the money for flipping and rehabbing. 

2) am in Los Angeles county and houses in my area are kind of expensive too because housing market soar high. Do you recommend my property to rent this out and wait and see the value get on the top and sell?