Cash out refi current home to rent and buy new primary

[Kirby Kernen]

I have been in my current home, a 3br ranch, for 12 years and I have been upgrading it the past couple years. I have about $100k equity over what I currently owe, and I plan on doing a cash out refi, and converting this to a rental property and buying a new primary residence. I want to get started into renting and minor flipping, and will be doing the rental and flipping under an LLC (or create separate rental and flipping LLC's). I want to also do a small cosmetic flip as well, and was thinking of using the cash out for 3-5% down on a new primary residence, and take about $20k towards a minor flip. I have 2 questions. 1) Is this a good plan to get started into real estate investing? 2) I also have a loan still on my truck, it's half paid off, but still owe about $20k. Would it be smart to pay it off as well under the cash out refi on the rental? Freeing up the $700 month, leaving my only debts as the real estate properties?