Leveraging Home Equity: Purchasing a New Home, Renting Out the Old, Expedite Repairs

[Dionysius Feaster]

Hello Bigger Pockets community! I'm in the process of exploring a strategy that involves taking equity out of my current home to purchase a new one, while also turning the old home into a rental property. To maximize the potential rental income, I'm looking to make necessary repairs and get it rental-ready as quickly as possible.

I've obtained a mortgage refinance estimate, which reveals the amount of equity available in my current home.

I have a short time to make a decision, and I would greatly appreciate your help in acquiring expedited information and insights.
Now, I would appreciate your insights and expertise on a few important aspects:

1. Is leveraging home equity a viable approach to finance the purchase of a new property and facilitate rental property acquisition?
2. What factors should I consider when determining the optimal amount of equity to tap into for the new home purchase?
3. How can I expedite the process of making repairs and getting the old home ready for tenants?
4. What potential challenges or risks should I be aware of when pursuing this strategy?

I value your experience and would greatly appreciate any advice, tips, or cautionary tales you can share. Thank you in advance for your guidance!