Up in the air - rental or flip

[Tami R.]

I know my cash flow will not be the best if we rent our first investment property but we are still thinking about it... here's the facts.
Bought it for $12k - fully remodeling it with new roof, paint, windows, bathroom, kitchen, carpet for $12k (my fiance has a big construction company!) - so we are investing $24k into the house.

Based on the market and our location we could rent it for $450 per mo. but our mortgage/insurance is $270 per mo and taxes for the year is around $400. Everyone that I have talked to on this forum said it's not worth it but we keep thinking about renting it and then doing another rental or a flip next. If we were to sell it - we would be able to get $39-$40k for it.

We are just beginners, but have study the market and industry a lot and we are ready to dig into it.