@Jose Saladin you will likely not get a CO (certificate of occupancy) to be able to legally rent this out.

This is my first post on here and excited to share my real estate investing journey with the best partner in the world, my wife.. we are looking into buying our first investment property via hard money.

If you cash out equity in a property, you are "borrowing" that money from the lender.

We would take this house in return for a 500k property that is NNN leased.  

-With my current role in my career and trajectory, I will be able to make the move out of midland in 1-2 years, so I would love the ability to leave and not worry about my home sitting on the market when we are trying to buy a home in Austin.Those are some of my thoughts and I would love to understand the reasoning for/ against this.

Also, due to increased liability exposure property insurance premiums is adversely impacted causing fewer and fewer building owners to seek out ATM tenants.

Had a quick question.I purchased the property for $500K about 10 years agoI'm selling the property for $575K with the Fire DamageI received an insurance check of $380K for the fire damage.After Paying off the Mortgage + Escrow + Realtor Fee's, I'll be left with about $150K.My question is will I get taxed on this $150K?

Quote from @Frank Nguyen: Frank, this is a common tactic.

I'm exploring options to purchase a new home as a primary residence within a 3 hour drive of Houston George Bush Intl Airport (IAH) with a USDA loan that I could turn into an Airbnb to rent out when I am not there because I spend a lot of time overseas.

Once they're done, you can rent out the property, refinance,  and cash them out.