Help/Advice preparing for next real estate investment

[Jarrod Covey]

Hello everyone,

I am purchasing a wholesale deal in Marble Falls that is set to close on November 8th of this year. 

It's currently leased for $1275/mo by long term renters and this lease will be up March 2024. I'd like to keep these long term tenants because I know how are they are to come by, it is worth noting the house is an absolute wreck with food and material items everywhere.

The backyard is accessible by an alley way, and plan is to build fence dividing the 8400 sqft lot into two lots and putting an Airstream on empty lot to double the cash flow. This is still an idea because there is a lot of maintenance to keep up with on Airstreams.

With it being wholesale, I'll purchase cash with hard money lender and refinance it. 

Pending no major issues occur in the 1978 build over the next 6 months, I could flip the house then refinance or wait to rehab as it will cash flow even while in the hard money loan. 

Full flip equity if I were to put $55K into it would be ~ $110K. As-is equity is closer to ~ $50K. 

Pencils a few different ways and it's hard to decide which direction to take.

What would you do in my shoes?