Financing a rental property

[George Sharrett]

 I have had an offer excepted on a duplex that is roughly $600 cash positive a month. I just barely have enough cash for the down payment and the purchasing expenses. At the same time I am refinancing my main residence.  I am considering taking an extra $10,000 of equity out of my home so I do not have to drain my savings to make the duplex purchase. What do people think of this idea? I realize over 30 years it would cost me $20,000 to borrow the 10K but it would make the purchase possible today. Thank you in advance for your help, George