Just refinanced and pulling cash out to invest in first rental!

[Keegan Uderitz]

Hello!

We are so excited having just refinanced and we are able to pull out to hard earned equity money, $42k! What markets are people looking in for cash flow deals? I live in Washington State, North of Seattle, and prices around here are crazy. We had been researching Indianapolis but more recently started looking at Albuquerque - we also have family down there who wants to invest 50/50 with us so we can get into a 4 unit perhaps. 

We are looking for any and ALL advice for our first rental property. Should we take the $42k and try to get two rentals? Should we put it all in one? Should I get a larger group together and buy something over $1M?

We want to own our first rental property in 2021, thank you in advance for taking the time to read this and reply! Looking forward to hearing from you all!