Renting out my house for a new PR.

[Terron Winn]

Hello All, 

I have a question that I cannot seem to find a answer too. Hopefully I can gain some knowledge here. My situation is a little different (i think).

I have purchased my house in 2011 using FHA for 209K. Now my home is now worth 380K and I want to refi by the beginning of next year due to some credit issues that needs to be resolved.

I would love the opportunity to rent out my home to purchase a new PR but I am not sure how to calculate cash flow using the numbers from FHA.

Secondly I would like to take out some equity my first PR to buy a new one so . . . how is that calculated in the cash flow formula?