100% equity in SFR Home (How to invest strategically)

[Joshua Brucher]

All,

Newbie investor looking for some input and knowledge. I currently have an LLC formed with a partner and him and I have done one fix and flip deal that we magically profited on. Since then we have gained some knowledge by reading, attended seminars with fortune builders and other guru's (i didn't pay $50,000) etc. My business partner and i plan to raise capital fix and flipping and wholesaling to invest in long term buy and hold MFR homes. Lets cut to the chase here!

The following paragraph has nothing to do with my previously mentioned LLC. Im looking to invest this into long term rentals on my own-any info helps

I have basically been given a free and clear single family residential home worth approximately $90,000(will have it appraised in two weeks)that only brings in $600/month at given time (subject to change now that I will be managing property). Currently in the process of getting the property in my personal name (entity and structure to protect long term investment properties will follow). Any savy investor knows that having an investment property free and clear is rather pointless. I will not be taking over any mortgage etc so therefore i hold 100% equity in the property. The property is not in the best location and it is single family. Looking for different routes to use the equity in this home?...or sell this home, use the cash to pick up as many multi family homes in preferred areas, producing as much cash on cash return as possible. Is it a cash out refinance without an existing mortgage? Finance options on new rentals i pick up? Trying to figure out best way to go about the current situation that I am in! Im crazy lucky to have this opportunity and want to be strategic about investing.