You can do both simultaneously, but the former is much more challenging than the latter. 

It’s going to private markets—real estate, funds, and direct investments.Smart investors will pull money out of the stock market and put it into hard assets.And that’s where the real opportunity is.

If you're not interested in flipping you could still use it for an another property and then do a cash out refinance of you were able to find a great deal.  

Based on your question, you have two core decisions to make, and they may conflict with one another - where do you want to live, and where do you want to invest? 

I have only been doing this for 5 years but what I have learnt is that it takes money to make money.  

I'd recommend this strategy for a new investor vs. doing a HML on your first deal. 

If you do not do your market research correctly, it doesn't matter how great your list is because you will pull a list in a bad market.

All real estate activities you engage in ad a licensee are subject to your broker supervision, and fall under the regulatory rules of your state's real estate commission or department of licensure.

They do not take everyone who applies, however, it has much more to do than with just your portfolio.

I think it's a great market to invest in - excited for you!