New Investor in Dallas, TX - Seeking Advise

[Jay Callerton]

I'm a real estate newbie and would like to see what the community thinks about what would be my first step. I've ready the books, listened to the podcasts and read through the forum. I think I know where I want to begin, but I'd like to see if anyone has any insight. 

I want to start with SFR around $50 in the Dallas market. I'm okay doing some cosmetic fixes to get it up and going. Here's the question:

I have my primary resedence (about 25% equity), and would like to finance the second home as an investment property using conventional loan. In addition, I have about $22K in consumer debt (locked at 0% for awhile). I also have the ability to go further into debt to get the money for the down payment for the second home (and then finance the remaining balance of ~$40K). Where shoud I start? (ie pay off debt first, look for other financing options, etc)

I would love to hear any insight. I'm completely open for suggestions as I maybe completely missing the mark on my 'plans'.