looking to see how viable my plan sounds

[Marc Roberson]

current situation- 

own a single family home, just built, payoff is 435k

will DIY finish the basement (have done it before), should reasonably bring the value to 519k (if not more)

equity should then be 519k - 435k = 84k

say bank will only allow 70% of equity to be leveraged

use 70% of 84k or about 58k to then buy an income producing property (maybe 2)

if this plan sounds reasonable, would you then use say 50k on a 2/3/4/6 or 8 family.. ?

end goal is passive income - enough to leave the 9-5. and i guess everyone has to start somewhere.