When we moved, we turned it into a rental, hoping this would be the start of our real estate journey—something we’d like to continue once my husband retires.Some key details:My husband is active duty and will retire in 3 years.We have one final move coming up this summer to Raleigh, NC.Our current debts are crippling us—the high interest makes it tough to stay afloat every month.The plan me and my husband are thinking bout:Sell the rental property.Use the proceeds to pay off all our debts, set aside emergency funds and a down payment for our next home.Free up $1,500/month from debt payments, and that also can stash in a high-yield savings account.Regain full VA loan entitlement, allowing us to purchase a multifamily home and use the house hacking strategy for up coming move.Avoid capital gains tax, since April marks five years of ownership, and the tenant’s lease ends in May.This wasn’t our original plan, and we hate the idea of using our equity to pay off debt.

I can see the OP giving this a shot.. but it is risky he could end up making a few bucks and getting experience might just break even or he could take a loss.. that margin is very thin in markets that are not selling as soon as you get CO  thats been one reason we have been profitable very few homes have been carried past CO so financing cost are at a minimum.. you hold a spec home 6 months past Co and every month your losing money you will not recover.

Total Investment + Down payment of 69,000 + 20,000 of updates = $89,000.Hope this helps.  

Hope this helps.

Hopefully this gives you some direction.

Hoping to avoid added competition in auction haha. 

Hope this helps and happy to brainstorm. 

But if you buy the property well, your downside risk is that it is short term rentals don't work, and you can simply sell it for hopefully no less than what you paid.That would be my mindset.

Down the road, you can also use the 1031 exchange to defer taxes as you go from property to property, as long as they are like for like.I hope that helps get the ideas flowing....

Hope all this helps!