Cash out refi current home and rent it out

[David Kimball]

Hey guys, 
What are your thoughts on doing a cash out refinance on our current home to rent it out, and use the money for a downpayment on another home we would move into.

The current house has a principal balance of 140k at a 2,75% rate on a 15 yr mortgage.

How would you think about how much money to pull out and how much to put as a downpayment / what priced house for a new house?