I wouldn’t say that. I would say it depends on the math. What’s the rate of the old loan, what’s the rate of the new loan, how much will the property rent for, how “in demand” is the area (lower chance of extended vacancy), how does the expected rent compare to your mortgage and maintenance costs, how much is it going to cost you to buy a new place to live yourself and move there?

It’s not an inherently bad or inherently good idea. It’s case specific, depending on the math above.