I would use the income to slowly improve the house and once you get it to a good spot, HELOC out some money for a down payment on another place rinse and repeat. 

Hi Chris from the U.P. of Michigan.Congratulations on deciding to get into real estate investing with your first Buy, Rehab, Rent, Re-finance, and Repeat or BRRRR and you are wondering where to start and who you should add to your team first.It is good you have cash or cash equivalents to buy the property and complete the repairs.As far as who to have on your team first, I would say an investor friendly Realtor who can help you find deals and introduce you to the rest of the team like a good property inspector to hopefully let you know about potentially expensive repairs early before buying the property so you can buy it well or not buy it at all.

If you’re looking to buy and hold and get all 3 benefits that’s the way to go.  

The only other issue you will run into with leverage is being able to repeatedly do it before your debt to income ratio becomes an issue.

Investment Info:Single-family residence buy & hold investment.

Investment Info:Single-family residence buy & hold investment.

How long are you expecting to hold and do you have the money to purchase in San Diego?

Investment Info:Small multi-family (2-4 units) buy & hold investment.

Investment Info:Single-family residence buy & hold investment.

Investment Info:Single-family residence buy & hold investment in Lucien.