Completed proof of concept, now what?

[Navid A.]

Hello BP, I'm trying to get myself to the next level and here is my situation:

I'm currently in the military and I bought my first VA home off of the MLS for $90k with no money down. I spent about $20k to renovate the home and moved in to minimize my risk. I used an interest free credit card to pay for the reno and paid it all off within 15 months. The home had several unforeseen issues (leaking roof, mold, etc) that made my renovation costs go up. However, I'm currently living in the home and my mortgage is super cheap ($599 a month including tax and ins.!), which has drastically reduced my living expenses compared to renting an apartment. The house is currently appraised for about $135-140k. Knowing what I know now, I realized that I bought my home for too much. However, the experience I got first hand throughout this process was more valuable to me than anything else. I am sitting on some equity on the home and have really strong credit and my wife and I have set up a strong financial foundation for ourselves. Our monthly expenses are very low which has allowed us to save. I want to start acquiring rental properties and figure out what my next actionable steps should be. I should also state that my wife has been in the property management industry for several years now and we are planning to manage our properties ourselves.

1. Should I continue saving and buy rehab properties in cash or buy "move-in ready" homes using traditional financing?

2. Should I do a cashout refi or heloc on my current property to maximize my buying position?

3. Should I start a LLC first or is it ok to start buying first?

4. How can I financially engineer my situation to achieve my goals? 

Thank you in advance!