Sell or rent my my house?

[William Bailey]

Current piti is $785, can refinance that to $548, have $60k in equity. House is completely rehabbed this year from roof to floors. It could pull $1000 to $1200 in rent. Selling would give us 50 to 60k in cash reserves. Capex and maintenance would be low. I'm torn on what direction we should go.

[Jon Kelly]

@William Bailey if you sell, what will you do with the $50-60k? If you use that money to buy a $220k property that has the exact same numbers, then rent out your current property! 

Can you rent out your current property AND do a cash out refi? Then take the extra cash and buy a 2nd property.