Wisest Use of Capitol

[Robert Perkins]

Hello,

I am new to real estate and came across this site. I am weighing options in regards to investing in new property. Considering cashing out the equity in our existing home to purchase a flip house. 

I am wondering if it makes sense to refi, then rent my existing house out and turning our first flip into a primary residence to avoid Capitol gains taxes...sound reasonable or am I being green and naive? 

Cheers,

GettingaGrip