Thank you everyone for your input!
Logan-
Using your numbers for analysis, my property produces a negative monthly cash flow as a rental... Did I fail to mention the $75/mo HOA fees in my neighborhood? Even if I self managed the property I still come out negative. Guess my home isn't such a great rental after all! Thx for the advice!
John-
My market has been very strong these past 2 1/2 years and I calculate that selling my home and paying 6% fees still puts me ahead by more than 20% on my initial investment. Based on what Logan mentioned above it doesn't appear to make sense to do a cash out refi... I don't see how owning a home with negative cash flow would help someone like me starting out. But maybe I'm missing something here that you understand and I don't?
Chris-
Your suggestion seems to be the most sensible course of action. My existing home just doesn't pencil out as a rental and the equity I have in it could be put to much better use in a 2-4 plex house hack. I just need to find one! I live in the suburbs SW of Portland, OR and the market here is quite hot right now. Ideally I'd like to stay in the general area so I guess I'll have to work hard to find the right deal... ;)
Josh-
You nailed it... The numbers stink! I find the BRRRR strategy a bit intimidating right now, but I will keep it in mind as I look for deals in my area.
Thank you everyone for your help!