Keep Primary as First Rental?

[Brent Hindman]

Hi everyone,

My wife and I are both 32 with 2 kids, 3 & 1. We make about $250k per year(before taxes) and have outgrown our first home we bought at beginning of 2020. It's a 3/2 at about 1560 sqft in the north hills of Pittsburgh. We bought it for $225k with a 3.125% mortgage and 1) are interested in keeping it as our first rental. 2) We are thinking about using some of the equity (maybe $50k or less as a HELOC to combine with existing cash for our next home down payment that we can convert to a HELOAN through our credit union). We would plan on paying that back off pretty quickly in about 1-2years. Thoughts on this? I estimate we should be able to cash flow ~$400 per month after 10% for Cap Ex, vacancies etc set aside.