Cash out refi affect future capital gains?

[David Wild]

When doing a cash out refi to buy more properties, how does that affect a future sale of the property that had cash pulled out? I’ve read about it being done to close to each other and I know that’s a no go. But if I do a cash out refi and then sell the property that had cash pulled out, say 2 or 3 years later what happens. If I can prove that I used the funds to buy more property would I have to pay capital gains?