Retirement vs. rental property down payment money allocation

[Eric Tom]

Hello:

Question:

I wanted to ask for help and advice around money allocation. Should I put less in my 401k so that I have more money in my savings that I can use for a down payment on a rental property?

Would like to hear others inputs on how to split between 401k and saving for a down payment.

Goal:

My goal is to both save for retirement and start investing in real estate using BRRRR to earn passive income on the side. I was thinking to invest out of state or out of local area (somewhere where I wouldn't be able to drive to) since I live in the Bay area and rental income to home price is not very appealing.

Background:

Currently, I am making monthly deposits to max out my 401k and Roth IRA.

I have a new Jan 2019 condo rental that has an appraisal value of $455k with $200k left in loan. If I assume I can refinance at 80% of value at the end of the year, my understanding is that can get $164k out for other properties. However, would I be paying more per month on my current condo mortgage?

I don't have any extra liquid cash (other than my emergency fund).