Need help if i should do a cash out refinance

[Maulik Vachhani]

Hello friends, Being a newbie to this, i wanted to get your expert opinions on the below. I own a primary residence which i am currently living in LA, CA. The house has appreciated quite a bit. I have ~350k of mortgage and current list price of the house is 1.1M. My current mortgage (which i refinanced few months back) is for 15 yrs, 1.75% interest 2414 per month.

Now given that i have quite a bit of appreciation in the house and the interest rates being low, should i consider a cash out refinance and put that cash out money to work (buy rentals or dividend stocks) which can potentially give out ~7% returns? Also when i refinance should i consider 30 years instead of 15 years? Any ideas on how much should i cash out?

Appreciate all the help. - MV