1031 vs. Cash out Refi

[Ken Mull]

Contemplating a 1031 . Relinquishing one multi-family rental and acquiring a SFR for vacation rental. The 1031 puts time constraints on the deal but gives you nice tax benefits. The cash out refi give you some cash and also is tax free correct? I seem to remember some seasoning necessary for the refied property. Is that the case? Do you need to hold that property some minimum time to keep the tax benefit? What are the pros and cons to those two options? Thank you