There is no right or wrong answers however some choices might be better than others when the bigger picture is factored.

@Sarah BurgerWelcome to Bigger Pockets.

Welcome to Bigger Pockets Marie!

@Donny AdamsWelcome to Bigger Pockets.

I have been listening to at least 3 podcasts a day from Bigger Pockets and my mind is reeling with all of the possibilities and strategies.  

as i keep reading through the bigger pockets book on rental investing, i keep running across these sections that say "this isn't expensive and shouldn't cost more than $1000". but I've read things like this multiple times throughout this book.

Hello Bigger Pockets Network!

The bigger question is do you have any equity to refinance so soon after closing ? 

Use the bigger pockets calculator to make sure that you're buying a deal that makes sense.Get a contractor that you can trust to give you a rehab bid for the property. 

You can look into using a 1031 exchange to defer tax on your capital gains.I highly recommend the first 100 or so Bigger Pockets podcasts for ideas on possibilities for buy and hold, as well as getting a feel for what different people are doing.