Looking to invest first rental property with home equity

[Kasey Ferlic]

Hello, I am new to real estate and on an extreme learning curve. We just bought our first home in May and it's already appreciated 200K. We have some capitol plus the home equity and looking to potentially invest in our first rental property for cash flow and longer term investments. We live in WA where the market is hot and want to invest in the area.  Is it worth jumping in and buying now before COVID is over and the market just keeps booming and increasing? Is it crazy to invest in a second property within a year of buying our first? Any insight on home equity loans, QOZ, 1031 and how to best approach this investment would be much appreciated. Thank you in advance!