Financing my first rental

[Jason Clifford]

So I've discussed our options with my spouse, family, coworkers, loan officers, real estate agent, and anyone who would listen. Now I'd like your opinion! Financial Situation: Current residence value of $240,000 Current $35,000 home equity loan So we have some equity to work with. My wife wants to do some remodeling in our home. Which will cost around $10k. We talked about our first rental being a turnkey to get our feet wet. $100-150k. So that's about a $30k down payment. Would it be a good idea to take out a cash-out refi on our current home of say $90k to do the remodel and finance the turnkey rental?