Since we won't have a mortgage, our hope is the property will appreciate over a few years and when (hopefully soon) mortgage rates come down, we can do a cash-out refinance on the home and invest in additional property(ies).Does this seem sound?

Our current income sources are:W2 JobFreelanceSingle Family Home Rental (just one)We have been renting out our single-family home for about 2 years, generating $300 / month in cash flow.

We invested $27,200 in renovations, modernizing the home and enhancing its appeal.

With the potential for a Fed rate cut on the horizon, it's a great time to consider refinancing or purchasing a home.

Most likely 27.5/39 year property since it's exterior improvements.

Current systems and tools:- Assistant to manage payments, invoices, ensure rents come in and chat with tenants for issues- Melio for vendor payments- Baselane for banking - separate accounts for each rental and deposit- Google sheets for Income and Expense reporting- Azibo for rent collection automation with late fee automations- Drive for my leases, SOPs, and documentations of tenants move in/move outGoals of improved system:  ensure I have a read out of how each property is preforming month over month, check on big expense items, ensure vendors get paid, mortgages get paid and rent is coming in, generate APY on float and savings for any big CapEx that comes up, and make my life easier come tax season.Is there a single software people use or what do you do for your business systems to optimize all of this?

,It should be enough time if you have the right team to get you set to purchase a home and find the right property to house hack.

There are some special assessments coming up, and I've heard that some of the neighbors have been dropped by their home insurance providers and are struggling to find affordable home insurance in SD. 

Like the other posters have mentioned the credit score / credit report is likely an issue - with what you describe there certainly seems to be some stuff missing for it to be that low - but on the flip side, it could be a situation where professional credit repair could make a relatively quick big improvement.

Just make sure to research thoroughly and consider working with a property management company if you invest far from home.