The latter is more rewarding, as I get to use my cash right away, and possibly make my second purchase a live and flip.Our house is in great shape on the inside, but could use a fresh coat of exterior paint, a fresh layer of asphalt on the driveway, and some random things here and there.

Emotion is a different type of animal.

two different animals all together- trailer parks are tricky to finance, i have gotten a few done but it was ridiculous. so ill skip that one for now.

Putting on a thicker floor finish coat...?

They're in great shape just need a coat of poly.

That's the "sketchy" part of the beaches and a very different animal. 

The dog ( service animal ) attacked another tenant baby and they sued me.

. $200 for paint would likely not purchase enough to get a single coat of paint on a 1400 sq ft house, let alone pay someone to paint it.

second @J Scott  thought process here.. completely different animal from rehab.the GC will and is Key to your success. along with how are you going to finance it.. spec loans are not rehab loans.. very small niche and generally not available to first timers..now owner builder move into the home there are plenty of those loan products out there from local banks usually.I think moving into new construction is a progression... myself it was as a lender in possession IE I foreclosed on would be builders who went busto .. and I HAD to finish the projects as I was the money.... 

Most of my 10x10 kitchens coat about $2000 and we use the higher priced doors and lots of drawers almost no doors on the lowers.