Purchase another Primary Residence with ReFi

[Donald Sims]

Good day Bigger pockets peeps. I have a good bit of equity in my current home (primary residence) and I’m thinking of refinancing and using those funds to possibly purchase another primary residence or investment property. I would rent the former primary residence out and then live in the new primary residence funded from the down payment of the  cash out refinance. Is this a good option? Anyone have any experience doing this? Love everyones posts and forums. Happy investing to all.