Primary to Rental scenario

[Trenton Mattson]

Primary residence =$400k loan, appraisal $675k before upgrades, lived in for 3 years. 

HELOC utilizing $125k for upgrades.

Mortgage $2200, rental comps $3200-3600.

Best way to proceed with getting into another home and begin renting current one?

Don't need the cash flow in my pocket, Would hope to use the cash flow to pay down HELOC, but skeptical on refinancing because my current interest rate is 2.875%. Was thinking this could mimic BRRRR method without the capitol gains impact if I needed to sell. Thoughts or suggestions?