buy low,move in, renovate, rent out

[Jon Isacson]

Hi BP, Looking to hear from some seasoned vets out there about a question I had. Ive been reading the book "flipping houses for Dummies" and I think I have an idea now how I want to start in REI.. but I dont know if what I have is even possible to do.. what I wanted to do is the following :

I currently own my home and have around 50-70k built up in equity.  Is it possible for me to do a cash out refi of my home then rent out my house for a lil more than what my new mortgage would be.  Then taking the money from my refi to purchase a foreclosure for a good price then renovating it and then doing the same process all over again.  So then I would cash out refi on the new house then rent that house out and then take the money from that refi to once again purchase another foreclosed property and so on and so on....  I dont know if this is even possible or not but I think it would be.a great way for me to get into rei.

  Any and all help would be greatly appreciated.  Thanks BP and have I great day!!