Is this my best move to start BRRRR?

[Nic Juncos]

I've presented my scenario before but now I've got a little more knowledge under my belt.

1) The house I live in is owned free and clear. Will appraise around $100K (Paid $30K originally)

2) We want to move to a nicer place around $150K and use an FHA loan for a 3.5% down payment.

3) We want to rent out first house and hoping to get around $900-950/month.

4) We want to purchase another home to BRRRR.

Would it make sense to do a cash out refi on current home now to get around $75K for our endeavors??

1) Pays for 3.5% down payment on new home.

2) The refi loan is covered with the first house rental income netting around $250/month cash flow.

3) Cash leftover from down payment of new home gives roughly $60K+ to pay cash for BRRRR property.

Is there a better strategy to achieve what I am wanting here??

Thanks for any input/feedback!!