Renting Primary Residence

[Tim Koger]

Apologies if this is either a dumb newbie question(s) and/or wrong forum, but I'm new to BP and looking for experienced advice. Would it be possible to put my current primary residence - which I have a 15yr note paying 2.99% interest - up for lease and use the current equity ($110-115K) towards down payment on another home, that I would move into and occupy as primary residence? I would be able to generate approximately a little more than 2x in rent than what my principle/interest payments are now. I could then use the added cash flow towards monthly principle/interest on the new residence or towards an additional RE investment opportunity. 

I live in a suburban, relatively affluent and high developing town - Trophy Club - in the mid cities of DFW. Is this type of RE transaction permissible in TX? Am I thinking about this logically & sensibly? Another thought I had - assuming this is approach is even possible - is to refi my current house to a 30 yr note & collect even more cash flow? Any thoughts or experienced advice in that regard? At the current pace, I'm scheduled to pay off my house in 2027 free and clear, so maybe sticking w the 15yr note is the optimal approach?

Any and all commentary, insight, guidance, criticism (constructive of course) is welcome. I'm very glad to be a part of BP and look forward to learning from a like minded community.