Selling Primary Residence - What to do next?

[Michael H.]

Hey everyone!

I am about to sell my house in the Preston Hollow area. I got a good deal on a property by Preston/Royal and our neighbors have been selling for $80 per sq ft more than how much I paid which is around $176k more than how much I paid. The great thing is that I have the flexibility right now to move around (no family, no kids). However, I would like to stay in the North Dallas (A little north of 635 and below) or East Dallas (Lakewood area). 

Since I have the flexibility, I was going to find a room on airbnb to rent and find a distressed property (after the sale). Use a hard money lender to fix up and refinance out (30 year fixed) and pull the money out that I put into the rehab. 

Is this a viable option? I want to get your thoughts and see if anyone has done something like this?