Refinancing to purchase a new home

[Jeffrey McCarley]

I am new to real estate investing and I am trying to figure out my best option. I have approximately $275k in equity in my current residence. I owe $150K on my current mortgage. I am thinking about taking out a line of credit for a $140k and using it as a down payment for a new residence and renting out my current residence. I ran a property analysis and it shows I will net $400 a month after all expenses, not to mention I would still have about $120k left in equity. Just wondering what experienced investors would do?? thank you