To rent or Flip ?

[Bob Romano]

Just purchased my second rental property! My question is should I rent this one out too or flip it and make a quick 30-40K net on it after all taxes and commissions are deducted ? I can clear $700 positive cash flow each month if I rent it . The SFH is in a really hot area and the rents are very strong. I bought the house for 162k thru probate court. Needs minor work like floor sanding and paint. I have to put about 10k into it for a quick rehab of the kitchen. A house on the same street as mine just sold for $279k and it was 200 sq ft smaller than mine ! I can easily list mine for $259k . Would you take the quick profit or rent it out and cash out down the road and take the risk of dealing with another tenant?