Sell or Use equity to buy first rental property

[David Stone]

I bought my first house about half a year ago. I purchased the house (FHA) for $47,000 and I fixed it up and it has now appraised for like $80,000. I am trying to get into the rental property business. So what I was wondering is should I sell the property and then buy another home to live and and addition to a rental property. Or should I use the equity to put 20% down on a rental property?

Thanks!