Refinance to purchase new home help

[Jonathon D Adkins]

Greetings and Salutations group,

I listen to all of the podcasts and read the forums when possible and think I am ready to try my hand. I would like to seek some advice from this group first just to make sure my plan is solid. So here it goes:

I have a home with quite a bit of equity in Parker Colorado. My plan is to use the equity for the following purposes:

- Rehab the property to get it either airbnb/rental ready.

- Pay off a small amount of personal debt (less than 8k)

- Refinance my current property to a 15yr (???)

- Put 5% or 20% down on new home.

House in my area are renting for at minimum 1k more than what my mortgage currently is so I will instantly cash flow.

Can you fine people please poke holes in this plan or offer advice on how to expertly execute a plan like this?

Respectfully,

Jon