The bank will make you leave 25% equity in the property - but you also still want the property to at least cash flow some - so be careful how much equity you pull out / new debt you take on.I would do a cost benefit analysis of what your actual gain is in cash-flow on buying a new property with a (currently) higher interest rate (if financing), versus just holding on to the current appreciated property and enjoying that cash flow.All the best!

Budget carefully, prioritize high-ROI renovations, and adhere to strict timelines to maximize profitability.

The nicer areas are already charging a premium so be careful. 

Lots of good advice here, but no one asked what your parent's retirement plans are?

would get estimates and see how long to recover the money and your long term plan for the property

My plan is to add 2 - 6 shipping container type of small houses and an above ground pool at some point to make at least a section of the property short/mid term rentals.

Lenders typically allow borrowing up to 80% of the home's value, which could more than cover your renovation costs.Fix-and-Flip Loan (Hard Money Loan) – If you’re planning to sell quickly, a hard money loan could be a good fit.

I did a cash out refi on my principal residence at a much lower rate and paid it off.Now I plan on using the equity for more purchases.What? 

They may need to be careful on this one as that may impact his DTI ratio. 

I definitely plan too