I have basically done that twice. Difference is I did not sell the homes I rented them when completed. I double my money on paper. I have $60k in my current home and it appraised for $120k 1 yr later when it was complete. I got a home equity line of credit and bought 5 or 6 more houses.
Only issue is if your wife will still be your wife when your done. I don't think my wife will go for a 3rd. We make enough now she would likely get a hotel room until I was done with the renovations.
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