Bigger family- moving AND first investment

[Jess Kempf]

Until two months ago we were pursuing early mortgage payoff Dave Ramsey-style on our primary residence. We discovered Bigger Pockets and have been drinking from the fire hose trying to learn this new language of REI and would appreciate help thinking through our next step.

We have 4 kids, 6 y/o and under and want to grow our family so we're looking to move in the near future and rent out our current home. 

We purchased our current home for $210k, mortgage was $120k and currently at $45k. The current value of our home is around $270k.

We ran the numbers and could cash flow around $600 monthly from our current residence.

Any advice on the finance side going forward? Pursue a cash out refi on our home, use the cash for a down payment on a new primary residence, rent out our current home and start saving the cash flow for a down payment on another investment?