Cash out refinance, issue, alternative?

[Joshua Harding]

Hello community! I own my primary property outright and am currently looking to purchase a new primary residence. The deal I am looking at will need to be a cash sale. I am wondering am I able to use a cash out refi on my current residence and take that cash to purchase the new property. Will not keeping the original property as my primary residence be an issue and if so what else should I look at. I am attracted to the cash out refinance options as at first look the rates are great and locking that in for 30 years would be nice. The original property will become a sfh rental with good cash flow.

Thanks