Question about equity

[Michelle Franco]

Hello All

I'm planning on buying a  single family house to live in. After i move in and fix it would I be able to take out an equity loan or equity line of credit to purchase a rental ? Would I then be able to refinance the new rental property and pay back the money I took out of my house? Can you tell me the pros and cons of this strategy? Also how long before I can take out the credit or loan? Which is better?

Thanks