Need your opinion please!

[Joshua Stone]

Need your help BP folks! I’ve been listening to the BP podcasts for a solid 6 months and it has come time where I have a possible investment property that I can jump on but need your help in making sure I’m on the right path here.

I have a single family home that I can put under contract today for $190K with 5% down on a conventional financing loan with PMI as well. Home appraised recently for $230K and I could rent it out for around $1,600 a month. Should I buy the home and rent it out while keeping the original loan or cash out refinance? Very little if any repairs are needed and it's in a pretty good neighborhood that will be developing well. What would you do? Trying to make a living with real estate so your thoughts would help a lot! Thank you!