Refinancing mortgage to make down payment on investment property?

I bought my primary residence 2 1/2 years ago for $60,000 and put $20,000 into it (it was a "fixer upper"). It now appraises at $145,000.

I plan on refinancing my $60,000 mortgage to pay for the debt of $20,000 (mixture of credit cards with 0% intros that are running out!) and to make a 20% down payment on an investment property (so I can avoid PMI). I plan on getting another slight "fixer upper" and only want to put in 10-15k into it. I will rent it out for a year or so until I think ive reached a good profit and sell it. Plus I only want to have to pay 15% tax rate instead of like 33% (long term investment).

I am not familiar with refinancing. Should I first get a contract on a property so I can refinance just enough to pay the debt, 20% to put down on the house and alittle money to fix it up? OR should I just estimate and refinance now and keep that money in the bank. I would hate to pay interest on money just sitting in the bank. Or do you know another way of doing it?

There is always a home equity line of credit you only pay interest on the portion you take out. ie 100k line of credit you pull out 50k you would only pay interest on the 50k
you can usually draw on a line of credit for about 10years
you can also convert it at any time to a fully amortized loan. If you would like to compare loans feel free to contact me directly I would be more then happy to help my website is http://homefrontmortgage.us

Just type for landsecrets in google.com and click for search, you will get an address, it will enlighten you concerning all your doubts.

If you're interested in a free pricing for a refinance you can contact me anytime.