HELP! How can I use my equity?

[Jacob G.]

I currently own a property that has an estimated value at around $200k - $230K. My remaining mortgage is just around 109K so I know there is some untapped equity. What do I need to do to tap into this equity and potentially secure a second property? My ideal situation would be to purchase a second residence and allocate this current property as my rental. This property location is ideal, has rented in the past at around 1k per month, and is close to a university, downtown, highways, and retail, etc. My income is not high around 40k but my credit score is 750+. Do I have any realistic prospects at achieving this? Any insight and help is greatly appreciated.

Thanks