Need Advice, Newbie

[Luisa Morejon]

I own a townhome in Fl with $300,000 in equity. My cash flow is not great because of high insurance rates and HOA fees. I only plan to hold it for another 5-7 years then I'll 1031 Exchange it for another property. With this in mind, should I do a cash out refi on the property in order to buy another property now or should I try to pay it off quicker and add equity, or do nothing at all? I appreciate any advice out there.