First potential rental property... located in mid town mobile,al.

[Roger Taaffe]

So me and my wife have an opportunity in which her father is basically giving/letting us run and manage his rental property in Mobile,Alabama (mid town 36606). The house is 3 bedroom 2 bath 1300 sqft the house has rented in the past. The house is currently in pretty bad shape we took a contractor (friend of the family) with last week and he quoted us $30,000 to get this house up and running we could save a few thousand doing some of the work ourselves. We have a primary residence in Foley,AL  36535 with a good amount of equity in it I am assuming I bought 5 years ago for 120,000 now everything on my street is selling for 200000 and up. I don’t have a lot of cash on hand or up front. Would it be to risky to cash out refinance my primary residence to fix this property rent it out and potentially buy others in the same area??  We are new to this and looking forward to the challenge..

Thanks in advance for any advice