Question about a Property

[Tremaine Kwasikpui]

I bought my first home in 2011 for 45k with an arm. The monthly payment is $436 and I we rent it for $750 a month.  This home is in rural northeastern nc.

The home has 34k left on loan and the sales price potential is around 125k. 

I am looking to cash out some money and use for a new property and begin renting my current home here in TX.  I have talked with a lender and they said I can cash out about 99k. I will use the funds to buy new property, pay off the 34k and potentially start some additional Buy and rehab deals.

Would love thoughts from the group?