Looking for advice on turning home into rental

[Ira McKey]

My wife and I find ourselves in a position that we have a home valued at 400k.

With an outstanding mortgage of 145k

Currently my wife’s parents are on the loan but have no interest in the equity.

We are considering a cash out refi and using 100k to put down on another home in the future and then renting this home out.  Our current home would rent for 2k and our piti would be 1600ish.

I know we may have to live here a year or so after the refi before we could turn it into a rental which is ok, we’re not in a rush.

New home would be an upgrade likely in the 500k range with 100k down. I currently gross a bit under 150k.

What issues should we be on the lookout for with this goal in mind? What should concern us?

One day I’d like 10 or so properties this one being potive cashflow seems like it may be a good start.

Thanks,