Purchasing Second Multi-Family Property

[Symone Gordon]

Buckle your seatbelts - I'm a newbie with a lot of questions :)

I just purchased my first property in January - A duplex. I purchased it using an FHA loan with tenants already in place. I'm ready to refinance it for a lower interest rate but I'm also ready to purchase another multi-family property. My duplex has gained about $50K in equity and I'm wondering if I should use that equity towards purchasing another property? Or should I use a DPA program to offset closing cost? If using equity, what is the best way to do it?

Also wondering if I should throw this sucker into an LLC or take advantage of homestead benefits first of the year? Any recommendations for a good tax consultant who specializes in real estate would be awesome.

My goal is to own 6-8 multi family homes - I'd love any advice on the most efficient way to do it.

Thank you!