I have 1 rental unit. I Want to rehab it, re rent it and buy another. How?!?!

[Tyler Tomas]

Hi! I’m sure this is an easy one but I am new to this strategy. I currently have a rental with a tenant. I started leasing to her about 9 years ago and the rent rate is way underpriced based on the market. I did a walk through this weekend and the house is in bad shape. I want the tenants out so I can rehab and take out a heloc to buy another. Any advice on what I should do next? I can provide more details if needed. Thanks so much, very excited about this strategy!

[Caleb Brown]

Do you owe on it or is it owned free and clear? The easiest would be to have the tenant vacate, rehab and do a cash out refi