Young Professional Rental Property

[Jonathan Horton]

Hi BiggerPockets,

I listen to all of the podcasts but this is my first post! I am 23 years old and bought my first house with 5% down in Charlotte, NC in April with the intent to use as a rental property if I had to be relocated in order to relocate in my career. In the past couple of months, I have been able to add a decent amount of sweat equity into to 1970s house in an upcoming neighborhood, however I am going to be relocated sooner than expected (next month). I make a good income and could rent my house out for about a $300/month gain, excluding savings for capital repairs and maintenance. While I believe I have a solid rental property, I haven't yet saved enough for another downpayment on a new property in Richmond, VA. My question is: should I rent for a year in Richmond while I save for a downpayment, or should I sell my Charlotte property in order to buy a new property in Richmond? Also, I have debated using the BURRR method but I'm not sure what would be considered mortgage fraud since I bought it with the intent of living there with roommates, but I am having to leave so soon.

P.S. My company will pay for all closing costs associated with the relocation.