Buy 2nd home to move into and rent my current

[BJ Grove]

I currently own a home in Lake County FL. I owe 84k on it, realtor says I can get 130k top value for it. I am thinking of fixing it up, and buying a second home, move into that and rent my current residence out. I was thinking of using my equity in current residence to assist in obtaining and rehabbing the “new” house. Is this a good idea? Anything I should keep an eye for watch out? I’m thinking of doing this for a few years to obtain a few properties