Starting with a paid off house... as a down payment???

[Jairhad Hemmons]

Hello All! I’m starting out small and want to figure out the best strategy for myself. I know no two situations are the sam but if you’ve done anything similar please share your story. Here’s mine... I’m in the process of acquiring a paid off house, it’s not highly valued but paid off nonetheless. I considered renovating then renting, but I’m wondering about different options that may be available. Is it possible/feasible to leverage the paid off property as a down payment on another property? If so, what’s the process like? I’m trying to leverage as much as possible without draining my cash reserves if that makes sense... any input is greatly appreciated.