Cash-out refi on primary residence to start investing?

[Austin McCasland]

Hey everyone, 

My wife and I are looking to take practical steps to begin investing in real estate. We both work and have discretionary income at the end of each month which we could save up for 1-2 years to buy our first rental property. However, we also have some sizable equity in our home which we could access through a cash-out refi, allowing us to take advantage of more deals in a much shorter timespan.  We're close to owning our home free and clear, but intend to sell and move out of this house in 3-5 years. I'd appreciate input from anyone with more insight to explain why a cash-out refi  may or may not be a wise action plan. Thank you in advance!