Looking to BRRRR my current Property not sure my best options?

[Christopher Ciero]

Hello, 

I currently Own a Property in the central valley California.  Valued at 525K.  I have a 100K Heloc on the property.( No other debt on the property besides that)  I am thinking about doing a cash out refi, and then move forward with the finding a property. However I am in a tricky situation. My mother lives there, and cannot pay the mortgage it is technically my home as well, but I pay rent in the bay area. If I did the refi I would need to use some of the cash to pay the mortgage off slowly, which in my mind seems like a bad choice?  I am able to get about 270K Cash in pocket and think that I could probably turn that into more with this strategy, but am not really sure if it is worth. In two years my Mother will be 55 and I will move her into an old folks community, the house will rent out for about $2400 and total cashflow will be about $250 after cap ex, and expenses.  Does this seem like a solid plan? Or should I just wait the two years until I can cashflow the property?