@Megan Hodges If I were you, I’ll start with rental property first, then when you have enough cash from the properties, you can try flipping the house. One piece of advice that I can give you is buying a property is actually harder than selling. Always remember, buy low sell high. I started as a Developer (when I was 30) while everyone else jumped out to be a Flipper at the first time. Forget about Flip/Flop show and other similar shows, they don’t really calculate ALL expenses involved when you buy & sell the properties. It seems a big profit but actually not. It’s also just an advantage for them when selling the house because they’re famous, it helped them to get a higher profit. You have to think lIke what happen if you’re an average person. One thing in mind when you flip the house, always bring a contractor guy with you when you want to buy a property, so you know the ballpark to fix the house.
The advice that I gave you coming from my experience all these years being a Flipper, Developer, and Rental Property Investor and I’m still happy doing all of those until today. You need to have a really good TEAM with you when you flip the house: A really good agent, contractor, and lender. Timing to buy and sell the property also play an important role besides good location. For me personally, being a Rental property investor is much easier than being a Flipper & Developer, you just need to have a high cash flow & appreciation. Of course it’s really hard to find a property with both values. You may need to have one house with high cash flow AND one house with high appreciation, so you have both side of the worlds. Best of luck, Megan!
