Leveraging existing properties

[Lucky Tiderman]

Do you have an opinion on leveraging an existing property(s). Example - my first property is a 3000 square foot building that sits on a half acre lot in downtown with a zero balance. I'm considering pulling some of the equity to fund a flip. The flip will cost me around 150K.

Numbers on existing property:

Current rent $4500.00, taxes $176, insurance $184, capital savings $300, new mortgage payment $1174.50 = positive cash flow $1665.50

What am I overlooking - What should I look out for?