I have an Idea and want some feedback!

[Angelo Revercomb]

I have recently been pondering an idea and wanted to run it by and get some feedback!

My wife and I currently live in a home in which we owner financed. The amount we purchased the home for was $225,000. We owe around $165,000, and the house is valued at around 265-285k. The agreement sits at 5% interest and 20 years payback plan. We have just completed 2 of those years. This leaves us with around 100k plus in equity. Since the home is owner-financed we cannot play with that equity.

1) Should we refinance the home through a bank in order to pull out equity and get properties under our belt?

The idea that I have been pondering is doing so say (60k-80k) and buying an undervalued rental property putting some work into it getting some renters and refinancing shortly after pulling that additional forced equity right back out and moving right to the next property.

2) One of my goals is to quit my W2 get my time back with my family and do what I love.

I would plan on repeating this cycle continuously and the real question I have is.. how realistic is this idea?

Feel free to be honest and give me genuine feedback. Thank you!