New Investor - Getting Creative Post First Reno

[Jaime Brame]

I bought a large outdated gem in a great area that just needed some love. After 2.5 years of working on and living in the home, I have revamped the property, adding nearly 50k of equity. This wasn't really the plan, but I subsequently fell in love with real estate investing. 

After getting feedback from local investors, I have decided to refinance my current home (which gets rid of my PMI, pays off a little bit of credit card debt that I have thus reducing my debt to ratio, and gives me nearly 8000 back for the next home), move to a rent free place temporarily, rent out the home, and buy a new home to move into within 6 months and continue that later trend.

I have definitely had to get creative, doing a ton of reading and conversating, but I'm absolutely okay with that because my long term goals are worth it.  I was told by an investor friend that if it was easy everyone would be doing it. :) Single mom with one income and unfortunately my 401k maintains most of my savings at this point, so my hands are only partially tied.

So I reach out to all of you seasoned investors for critique and suggestions. Does my plan seem solid? Or is there anything additional I should consider or keep in mind? 

Also, sub conversation, what are your thoughts on renting out large older homes?