I don't know what your carrying costs are but holding out might make more sense.

Would it make sense to invest in improving my home, then refinance with a bank to extract the created equity, and then use that money to purchase a rental property?

Some people have no sense.  

So, if you don't have experience managing rehabs, it doesn't sound like it would make sense.

You are allowed to enjoy your real estate.It doesn't make sense to me to move out of the home you bought just to rent another house unless you were moving states.

Since, this whole thing does not make any sense so far.

I agree with Michael Baum: read all the suggestions here: great info.The general theme is, whether it's your cleaner, your handyman or a responsible neighbor, you need willing and able "boots on the ground", eyes on the property and someone local with both common sense and authority to act on your behalf and/or your instructions.My 2 cents,Mike

Hello to anyone reading this ! This is my first post and Need some advice. But first the backstory….

My father immigrated to this country over 30 years ago and has been able to acquire 4 properties in that span. ...

If there is a degree that would make sense for you do that.

A lot of investors based in markets like California and New York are choosing to purchase their investments OOS in the Midwest because of the affordability and numbers making more sense.