90k in equity on my first single family home, what next?

[Pedro Lopez]

Hey everyone! Ive been listening to BP podcast for a few months now and am in what I believe should be a perfect opportunity to take my first step towards financial freedom! I am in the suburbs just north of Chicago.The goal is to get into a 3 flat .

At the end of the month I am closing on my first home which I am buying from my mother in law. We have a purchase price of 220k with a gift of equity of 90k. This house was in real bad shape a year ago when we moved in and rehabbed it and should apraise for 240-250 range as compared to the others in my neigborhood.

The whole house could rent for 1600/month.

In my case whats the best route to take?

Thanks in advance!