How to pull out equity to purchase another property in Las Vegas

[Mark Wood]

Hello all!

My family owns a 3bed 2.5 bath Condo in a gated community in Las Vegas zip code 89123.  It's completely paid off and a Zillow search has it probably valued around $300k.  They're  looking to get into a single story home so that they don't have to deal with stairs with 3 bedrooms and keep the current condo as a rental.  I've read and heard a million times about pulling out equity in a home and then using that to acquire more property, but I've never put it into action.

I wanted to hear from the BP community about:

-the best way to implement this strategy- loan companies to talk to, realtors in Las vegas etc

-I don't think they want to manage the property, so perhaps a property manager

-A good real estate agent to find their next house

Thank you!