Should I turn my house into a rental property and buy another?

[Daniel Tisdale]

Hi all,

I'm currently 29 and I've owned a house in Central Austin for about 2.5 years now. Being in Austin, it's appreciated very well over the last two years and I've just refinanced, which makes my monthly payment lower than what I could reasonably rent the house out for. I've been considering turning this into a rental and purchasing another one with the hopes of doing the same process in a few years.

I'd love to get any feedback or thoughts on this idea and see if anyone has a better idea of what to do with my extra funds.

Thanks!