Potential Alternative to House Hacking?

[Ethan Kohler]

This would not be traditional house hacking, but maybe a cousin to it... I'm curious if many people have found success in moving to a new primary residence, but keeping their current house as a first rental property. Is it viable to take out a home equity loan on the original house to use as down payment for the new house? Of course, one wouldn't have the sale proceeds to use as down payment in this case. 

I purchased my current home in 2017, and have quite a decent interest rate and a fair amount of equity.  Maybe there are many specific details that would impact this, but would appreciate any insight into this strategy as whole. Additionally given current interest rates. 

Thanks All