Starting out, aiming to rent out my current home. Any tips?

[Sean Gasperetti]

My wife and I have lived in our current home since 2010, and it's value has grown by about $150k+. Looking into using a HELOC to utilize our equity and purchase another property. Our current home would become a rental, and our next home our primary residence. Reason: my wife runs a business from home (piano teacher) and needs a private space for lessons. With 2 small kids, our current setup is totally insufficient.

In summary:

- keeping my current home as a rental

- purchasing a new home to live / work from

- future goal would be to invest into a 3rd rental property once our cash-flow / savings are in a good spot.

Anyone done it this way? Most books/podcasts talk about purchasing a first rental, so my situation is slightly different. Any advice / tips?