Financing my first deal

[Brynne R Magaziner]

I'm still in the learning phase but wanted to know what I should be researching. Here is the scenario:

We have lived in our primary home for almost 7 years and have quite a bit of equity in it. We put a lot down and the home has appreciated in value by at least 100k (don't have an appraisal, but based on similar homes, I know this to be true). I'd like to keep the primary home and rent it out while we purchase a second home with a basement rental for a house hacking scenario. Based on comps, a renter will definitely cover the mortgage from the first house with some additional cashflow ($500+ per month).

What is the best way to pull equity from our first home to finance the second? Does the math make sense? What should be my next steps?