Effect of cash out refinance on 1031 exchange?

[Jack B.]

The house was a primary residence then a rental and back and forth. If I move back in and cash out refinance then rent out again and 1031 exchange the house, what is the effect on the 1031 exchange? I imagine I will have less equity that I have to 1031 but more debt to replace per the IRS debt replacement rules. Other than that it seems like a good idea to cash out refinance before renting out again and 1031 exchanging no? I want to pool the money for future investment (I'm taking large cash positions right now for future buying opportunities) but leaving other properties rented with equity untouched.