Use Equity from Out of State Property?

[Susan Michael]

Hello all and thanks for any help you can provide. My husband and I rent out a single family house in Florida worth about $400k, with a mortgage of just under $80k. We would like to purchase a property in Illinois (where we currently live) to either flip or buy & hold--undecided at this time. Are there restrictions against using the cash pulled from a Florida property to purchase something in Illinois? I just don't know the "rules" yet. Thanks!