Advice request: Cash Out Refi

[Sam Malhi]

I currently live in a home that I own outright (Iused an inheritance to buy it four years ago)

I want to use this to my advantage by taking a cash out refi to buy another home. I’d rent this house and move into the new place. I have a couple of questions:

How much should I be looking to borrow (what % of my budgeted purchase price)? I want to spend as little as possible on the new property as the rent will cover the mortgage

Can I use some of the borrowed funds to make repairs/additions to the current property?

Can I use some of the borrowed funds to pay other existing debt?

Any thoughts would be appreciated! Thanks!