Turning Primary Residence into Rental/AirBnB

[William Vinson]

Greetings and Salutations,

I have a home with quite a bit of equity in Parker Colorado. I am not super clear on what the best method to gain access to the equity in my house. So, if anyone could give me advice I would be forever grateful. In the meantime, I will continue to search the forums. 

My plan is as follows:

-Refinance my current property to a 15yr (???) 

- Rehab the property to get it either airbnb/rental ready.
- Pay off a small amount of personal debt (less than 8k)
- Put 5% or 20% down on new home and then repeat the process. 

Homes in my area are renting for at minimum 1k more than what my mortgage currently is so I will instantly cash flow.

Like I stated above, I know this is possible but not exactly sure how to execute it so can you fine people please poke holes in this plan or offer advice on how to expertly execute a plan like this?

Respectfully,
Will