Newbie question about cash out re-fi

[Jenna Banaitis]

Would love your opinion - we have a totally renovated multi family home (strictly rental/not owner occupied) valued at $200,000.  We owe $68K and only have 8 years left.  Recently found BP and have wanted to buy more multi-families for some time now, but could not seem to save up enough for our market's down payment. Now, after listening to BP podcasts, thinking we should try to re-fi this property and take cash out to purchase another multi.  We could keep the payment the same and go to a 15 year.  Our interest is now 4% and may go up slightly but at least we would have enough to re-invest. Am I totally off base or is this a good idea?