First attempt on real estate, any advice?

[Ana Lidia Standing]

I took my first attempt at BRRR and bought a house (Kansas City) for 200k, which will be my new residency, so I could use less downpayment and needed a second bedroom anyway. After the appraisal, I had instant equity of 25K. Now, I need to renovate the estimate (40k-50k loan) to get 260-275K ARV. I will cash out, refinance the new house, and pay the renovation loan. I will rent my current house which I bought almost five years ago. Two questions: Do you think the scenario sounds right, or is there anything else to pay attention to? Second, do you have any advice for the next move?

Thank you.