Should I Take out a 2nd mortgage or is there another option?

[Andrew Fusco]

Hello all! My wife and I bought a house 10 months ago and renovated it. We purchased this property for $212,000, put in some sweat equity, and invested approximately $20,000. We are estimating the ARV will be around $300,000. When we purchased this property we used a conventional loan and used it under my name. The question is, do we take a 2nd mortgage under her name or do we refinance our current house and use that money for our second property?

Adding onto that last question. In your guys opinion, are we better off purchasing a single-family home on this second rental property, or are we better of using the house hacking strategy and purchasing a multi-family?

Thank you guys, looking forward to hearing from you!