Quote from @Jaycee Greene: Quote from @Mark Daniels: I know in residential lending you can get a HELOC to borrow a down payment to buy another property.

Quote from @Chris Seveney: Quote from @Eric Henson: Do you guys ever take the risk of buying a foreclosure at sheriff sale with the previous owner still living in it?

My wife and I are hoping to buy another single family home that is bigger sometime in the next year for our new family and potentially rent out our current home to tenants.

Since you have scaling in mind, the larger properties will better suit your needs, IMO.Happy to connect and chat more if you'd like.

-------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I’m weighing two options for our housing situation and would greatly appreciate your advice, given the complexities involved.1.Renovate and Buy Another Property•Invest to renovate our current home adding a bedroom to the house given our family outgrew the house.

@Dennis Bragg, how did you factor improvements and market appreciation into the buy-back price?

There are no problems being a landlord , just buy a property take the first renter that applies and rake in the cash . 

If you have no experience in commercial real estate, much less mobile home park management, this is an intricate business not well-suited for out-of-state when you are getting started.

Investment Info:Single-family residence buy & hold investment.