If you were me - first deal

[Nick Foundas]

Might be a random question but figure I ask to hopefully open up some good discussion: Im looking to do my first Investment deal in the near future. Based on the following details and assuming you were just starting out in the world of RE Investing, what would you do if you were me:
Currently my wife and I own a single family residence, we have some solid equity built up (lets say around $75k). We also have around 40k in savings. If you were me and just starting out what would you do? What sort of investment opportunity would you look for in that first deal, with the idea of wanting to do this full-time? Also, keep in mind this is the Northeast where prices arent exactly dirt cheap.
I like the idea of a Buy/Hold strategy, I think its a good long-term wealth building strategy, less risky and ultimately I would love to build up a large portfolio of properties over time, I know we could secure the first property just not sure how to acquire #2, 3, 4 and so on. I also like the excitement of flipping and the short term profit opportunity it presents but of course its more risky. Im not interested in wholesaling.
What financing strategy would you take with a local bank/lender? Simply take out a Home Equity Loan to put down 20% on an Investment property? I heard you can get away with buying a 2nd home with a conventional loan without 20% down if you had some sort of life event change such as a baby and need a home with more space etc, or want to move closer to work.
I know this is a lot of rambling and a very broad based question but was hoping to get some advice on how an experienced/successful investor would start in my particular situation