almost finished renovating- what to do next-sell /rent /buy house behind.

Hi all, I am new to this sit and property investing so bare with me. As i have a few starter questions.
Firstly my partner and i still rent, and we also have a property we are renovating. We bought this property for a dirt cheap price, 45000 cheaper than the people who bought it 1.5 years back. They bought it over the internet, then moved in and hated it.
Any way my partner and i got it for a bargain $175500. It needed a hell of a lot of work done to i and will have spent 35000 on reno's. Though as i am a builder this was mostly materials, as i have plumbing and electrical mates, and can handle everything else.

The house is one minute  from a Woolworths, which apparently has been listed as one of the busiest in queensland- But also the oldest they have put om an appication to re-new the plaza. And Woolworths are currently building a dan murphys bottlo directly opposit my house. And this area is right at the foot of the posh part of town. With schoold, daycare centre's etc.

My delemma is shoud i sell and take the profit, which should be good then re invest. Rent it as it will be a positive cash flow, or buy the house behind which the owner will sell to me giving me 1400m2 and one day build units. (the zoning is residential consolidated- meaning i dont have to ask a neighbour if they want to live next door to units).
My problem is the back property will not be a poitive chasflow, and will most likely use most the equity in the front house as deposit.
Which i am worried would leave me stuck with just the two properties. and not much more equity to play with.

I would also like to start up a trust and put the front house in it (and the back one if i bought it), but i dont even know if this is possible as i already own it in my name, or what i would need to do to achieve this.

Well thanks for listening and will talk soon.

Regards
Jason