I do have equity built up in my home, but I don't want to be saddled with yet another payment.

I’m trying to decide whether to rent out my current home or the new property I purchase.

I specialize in investment properties, high-end homes, and commercial real estate, and I run Updegraff Group Realty, a full-service brokerage that helps investors not only find and fund deals but also manage construction, optimize returns, and scale their portfolios.Financing Your First Deal Without Using Your Own MoneyIt’s a common question, and the truth is—it’s very doable, but it requires strategy and relationships.

The property, though is not beach front, nor does it has ocean view, is just a short drive from some of the best beaches in the west, which are great for surfing, snorkeling, SCUBA diving.In the 1.21 acres there is a main single family home (4 br) which was divided in two sections one of which is being rented.

From my experience selling RE and building new homes your just not going to please everyone

We have an opportunity coming up from a family member who is willing to sell us my childhood home for what they got it for (240k) and the comps in that neighborhood are 600k+.

I'd recommend staying within 10-15% of the median priced home because that's where the most demand will be not only for renters but owner occupants as well. 

4-5-6 bedroom homes with 3+ baths. 

I know we can get 25-30% in single-family homes with a little luck.

I mean I highly doubt( but sure there will be other who say otherwise just because) you will find a very good investment property listed on MLS or other publically available service.On a side note if I did have aprroximatley 400k equity in two of my homes could I use any of that to invest in another property?