Pulling out primary residence equity for first deal?

[Donavon Davies]

I just wanted to bounce this idea off the forum. I thought that I would be able to find something already on here about it but I couldn't. I'm in the West Palm Beach area and I bought my primary resident back in 2012. I have see some great appreciation on the property and potential have about $70K of untapped equity to pull out. I was thinking about taking the case out now while the rates are lower, putting the cash in the bank and using the money to fund my first ad subsequent deals. I understand for additional conventional loans the banks need to see the funds sitting for 2 months or so. 

I would then also be able to use the money to potential grab a cash deal or as first planned to have down payments.

Am I approaching this correctly?

Thank you,

Donavon, in Palm Beach County, FL