It's worth about $350,000 and no liens.I was thinking about making it a midterm rental or a short-term rental but it would require quite a bit of work and would require getting a home equity loan.Also considering selling and buying a turnkey str.I do plan on leaving the country and I'm not sure where I'll end up.Would love to hear the pros and cons from all you professionals.

Jeremah - First off, congrats on what you and your wife have already built—it’s no small feat managing W-2 income, business income, and rental properties while thinking strategically about tax planning.

This would be in central Jersey which is still a hot market as a result of record low inventory.I am planning to do this strategy since I want to put low money down (10%) on a construction loan and achieve a quick build to lower my holding fees. 

@Austin Brummett i would say do it if you plan to stick around. 

@Jaycee Greene is pointing out that we need to be specific when we are planning to meet with people.

Quote from @John Paul Palace: Our plan was to invest locally, however our market here is tough.

Good luck, My wife and I are starting also, we also plan to do the BRRR, method,would love to talk more, maybe shares some do's and dont's that you may run across and we could share the same info to you. we are in the st louis area

I'd strongly recommend against a single family home and only target properties with at least 2 units otherwise it'll be difficult to cashflow in this high interest rate environment unless you plan on using a large amount of liquidity in the purchase.

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I essentially am thinking of a 5 year plan to build them exit.