Looking to buy first rental property

[Michael Rankert]

Hi,

My parents are looking to sell their house in Arizona and move back to upstate New York. I figured this might be a good time to help get them their first rental property. The house appraised for 315k and they owe 199k with a $1,200 a month mortgage.. I have several people interested in renting the home for $1,900 a month. I have done some research on the BRRRR strategy and I am still trying to wrap my head around how to get a loan for the next property. Is it possible to refinance at a low interest rate? Or would it be better to take out equity for this particular opportunity? Any advice would be greatly appreciated! Do not want to let this opportunity slip by. :)

Thank you,

Michael