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Need real estate investment advice? - equity real estate college station

I recently came a little money and wants to invest in real estate. My Delima is that my income, debts and leave me in the low-end 60000 for a property. I have a property in a university town, where I get the rent money, and the house of the car is below 30,000 assessment. That's where I am. A. Can I buy it? and B. How do I buy the next house, and how long do I have to finance. C. Should I take this home refinancing equity in my next purchase? should wait and if so, how long do I do? All answers and advice would be very grateful.