Investing To Buy A House Cash

Hi all:

My spouse and I bought our first house two years ago. Our HHI is around $223,000.

Recently, we spoke about longterm goals and looked at the amortization schedule. 85% of our monthly payment goes to interest.

We knew this before we bought a house but felt the rush to buy in 2023 because....FOMO.

We always and a negative view on renting because people told us buying is better due to equity and having your own space, etc. So, we rushed to buy a house.

We plan to sell in 6 years but had the idea to rent a newer home instead of buying a home.

Basically, we would sell our house, invest the equity in our fidelity and contribute between $5k-$6k each month for 5-7 years and buy a house cash (accounting for whatever taxes we pay later on).

By my calculations, we could conservatively have between $500k -$600k after 6 years at 8% yield.

Do people normally do this? Are there any important financial or tax implications we should be aware of?

TIA 😊