making primary home 1st rental property
Hey, I have been reading local posts and am really impressed with the wisdom imparted for free to strangers. Here's my situation i would love input please.
my family live in West Bountiful in a twin home. We bought it for 235k, have 190k left on mortgage. My real estate agent estimated worth to be 280-300k based on comps with electrical, bathroom, flooring renovations.
mortgage is 1100 no HOA. I think I could rent for 1500-1600/month based on comps. We have 40k in savings and 20k emergency fund as well. No other debt and combined we make 105k Annually
I want to buy another small home (1500 square feet, 3 bedroom) in the area with cosmetic fix up for 330,000. Put 10% down, rent out my current home, appraise it and cash out refinance my as soon as I can to help get 20% down on the 2nd property so I'm not paying any PMI. After refi I'm thinking the first home should cashflow around 200 monthly i plan to self manage. My family is local with some construction background.
Questions:
1-how long until I can refinance investment property once I get tenants, seasoned?
2- is Cash flow on 1st property after refi too low?
3- 1st investment property any suggestions for legitimate local training available? I want to know local ins and outs and create a comprehensive checklist
4-how feasible does this sound?
5- cash out refi on investment property can you pull out 75 or 80% of the appraised value? I've read both.
thank you for reading and replying.