Cash-Out Refi and Hold

[Eric Schroeder]

I have approximately 100k in equity in my current home. My current mortgage is an FHA at @ 4.25% which I took out 6 years ago.

My plan is to refi, pull out most of the equity.  Put it into a savings account, and then a year from now, use it as a down payment on a duplex (we would move into one side) and convert my current home into a rental.   The reason for putting the $ in savings and holding for a year... I believe I have to remain in my home for a year before I can apply for another loan?  

Then after living in the duplex for a year, move out into a more permanent home, giving me 3 rentals. 

Does this sound like a solid plan?