I am only renting out my 1st home but looking to expand my horizons and invest for the future.

I'm open to trying it either way, but I rather try them both at the same time so I can really expand my horizons and open doors from the get go.

The hundreds of hours you spend finding off-market properties may or may not be in your interest level.Personally, if your time horizon is long term (20+ years), then that time in the market will make up for finding the "best deal" now.I'll send you a few recent deals that we did for clients looking to buy and hold.

Make sure as an investor you understand what the horizon of the investment is and if the hold time is projected or that has been outlined specifically in the subscription documents.In my experience an operator is not going to "lock" themselves into a  time period to sell as it would open up significant risk if the market were to correct in that timeline. 

@Dane KaniaAgree with @Chris Ellis with regards to the time horizon of re paying being a primary consideration.However, it's impossible to decide between 2 things without putting numbers down on both sides - and you've put little of the important stuff for the rental....How much do you think the place will rent for?

I depends on your knowledge, skills, abilities, goals, time horizon, risk tolerance...

It all comes down to getting the right mix of index funds for your time horizon and risk tolerance; you don’t have to pay a financial advisor crazy amounts of money to do that; in fact you could just invest in a lifestyle fund that automatically rebalanced in the time horizon you are looking at.As for an advisor who can do both.  

And the time horizons for these can be shorter so easier to buy into and sell out of - even using a 1031.NNN are the gold standard but not all can purchase solely owned (or want to for what their price point will buy). 

Arguments for a 30 year loan: (1) You lock in your fixed payment in "2018 dollars" for the next three decades, when that $700 will be worth a lot less (Jason Hartman calls it "inflation-induced debt destruction")(2)  Since your payments are lower, you have increased cash flow that can be used to deploy capital into new projects(3)  If unexpected expenses arise (personal or business), you have an immediate source of regular cash flowArguments for a 15 year loan:(1) increased equity over a shorter time horizon(2) cheaper interest rate(3) owning property "free and clear" still in your prime years and the lifting of psychological burden of debtIt really depends on your personal strategy and where you want to place your risk. 

Maybe consider looking into a duplex as the next purchase so you can have a tenant in one side and you provide a place for yourselves to live, as well... if another property isn't on the horizon for 1-2 years... consider a very small apartment or even moving into a mobile home/RV for that time, rents are typically much lower and if you don't have a lot of stuff, it allows for simplified living.Good luck, keep us all posted as you continue!