To refinance or buy?

[Gabriel Padilla]

Hey guys, this is my first post on the bigger pockets forums!

I’ve been doing some research online and watching a few of the bigger pockets podcast, and I love all of the content.

But my question can’t be found on any of the YouTube videos that I’ve been looking at or on the forums so I’ll ask here. 

I currently own one house in another state then the one I live in. That one is a rental unit and I have a signed lease agreement and the tenant has been in there for going on four months now. My mortgage is a little bit higher than what I am renting it out for, but only by a couple hundred dollars.

The state I currently live in houses are extremely cheap (~equal sq ft, ~half the cost as my rental) and I am renting out a house right now, and I’m considering trying to buy it from the landlord and do a fix and flip on it. 

My question is what factors should I look at when deciding which way to go, either refinancing my current house or trying to buy the house I’m living in?

Or is there a possibility where I can refinance my current rental and take the equity out of that and buy the house I am living in now even though they are in two different states?

Any and all ideas are welcomed! Thanks!