Fully owned home - Cash out refinance or just cash flow?

[Ash Ketchum]

Hello! I have a SFH that I own, with no loan on the property (purchased a long time ago).

I'm looking into getting into other investments and not sure how I should proceed.

Is it worth doing a cash out refinance? The amount I'd pull would be based on the cash flow and term/rate I can get. Thinking I can use the loan for buying other properties.

Or is it typically better to just cash flow from the property in its entirety without having to pay a loan. 

I understand time value of money and having cash now for investments. But I want to maximize the return as much as possible. Is there a certain metric I should focus on with this scenario in mind? 

Has anyone done anything similar? With a positive or negative outcome? Interested to hear from both sides.