Cash Out Refinance on primary my Home to invest on rental?

[Abel B.]

Hello, I am planning on getting my first rental property. My condo is worth $81K. I have $21K mortgage on it. It is my primary residence. I was planning on paying it off and save up a down payment, closing cost, 6 months reserves etc for investment property. Which probably will take me 1 and half years.

But instead of waiting to pay off the mortgage and save up down payment. I thought about cash out refinance to get my first rental property. I have no other debt except the $21K mortgage. I have over 800 credit score. I am hoping to get a 15% down payment at a good rate for conventional loan ($130K or less range). Would the strategy work for me as good approach? If it does work, what are the steps to take?

Please let me know your thoughts, thank you.