Cash-out refinance to Much higher rate, worth it?

[Account Closed]

I own two rentals; One with significant equity and one with ~ 25% equity. I would like to buy a third investment property, but around here, minimum down payments are well over 50K. I don't have enough cash to cover, but I have the option of a cash-out refinance on my first property. Problem is that my current rate is around 3.8 and if I refinance it will be 5+ . My salary isn't super high, so it will take another few years to save up the down payment on my own. Any suggestions or wisdom to offer?