A mortgage lender can help determine if refinancing or tapping into equity might allow you to acquire additional properties.Consider a 1031 Exchange: If you're open to selling a current property, a 1031 exchange can defer capital gains taxes while enabling you to upgrade to a larger or more profitable asset.

I recently acquired my first primary residence and am seeing ways I can best utilize the space for real estate investing.

I myself am in a similar position looking to acquire a secondary home in the Banner Elk and would plan on using as a STR and would love any input on your findings!!

And there is a lot of superior options out there in both product and methodology. 

I created an electronic google doc time tracker: Time LogContemporaneous time log of rental real estate activitiesActivity DescriptionTenant recruitmentTenant screeningNegotiating and executing leasesOverseeing repairs and maintenanceCommunications with tenants and vendorsTravel timeResearch for potential rental real estate (pub 925)Acquiring rental real estate (pub 925)Paperwork/bookkeeping/bankingResearch and purchase of materialsRent collectionEvictionOn-site cleaningBill paymentOther:Time SpentDateMM/DD/YYYYSubmit

It's impossible to answer your question without knowing how much you have to spend to acquire the house.

I am acquiring a distressed property that I am planning to rent long term. 

Also be open to knowing that you are acquiring a series of problems.You're in the solution business. 

There are thousands of lenders and tens of thousands of loan products.

But 1031ing your current land into better production land that you rent out can be a very stable platform.