Equity in Denver: 1031 exchange or cash-out refinance??

[James Carlson]

BP Nation! 

Thought I'd do a little crowdsourcing on a question here in Denver: To 1031 exchange or to cash-out refi? We're leaning one direction, but it's fun to see the thinking of the BPsphere. Here's our scenario

• 1br condo bought in 2015 for $188,000
• Currently worth $300-$320k
• $120-$140k of equity
• $1675 all-in monthly payment (PITI + utilities + repairs/capX ... this is a furnished rental)

We want to leverage that equity to double our assets. It's just a matter of the method we use to do that. What say you?