BRRR / What would you do with REFINANCING in this situation

[Casey Spence]

Hello,

Our personal residence is Zoned R2 but is currently taxed as a single family residence. This said, we have a separate living headquarters on the East side of our house where Grandma lives...So actually our home is a duplex just not on paper. The total house square footage is 1760 (Grandma's 700sqft, our half is 1060). Grandma pays $1000 / month Rent (all utilities included). We owe $87,000 and the home could sell for $209,000. The home has been updated as we have lived here over the last 2 years.

After studying BRRR, I'm not sure where to go with this. I would like to go to a lender and Refinance / pull money out and apply it to purchasing a 2nd home and start the BRRR all over. Part of me is uncertain of the steps to take to get into Home #2. You see, we could still live in this home and be rehabbing another because we have this home rented and rents coming in $1000/Month.

My goal is to have many rentals someday. I would like the communities advice of steps they would take to make this a reality...

I appreciate all of your expert advice on my behalf.