Newbie in Rankin County, MS!

[Carl Bo Smith]

I’m looking to get started with a buy and hold rental property. I recently looked into a a refi on my won home to take cash out of the equity for use in getting started. I currently have around $50k in equity and am looking at pulling out $35k - $40k with a refi that drops my rate 1.48% from my current rate. It will be a 20 year, which adds about 3 years to where I am from payoff currently and my payment will go up only $8/month. I’m hung up on the closing costs/fees which will be around $5k but is pushed back into the loan amount with no money due up front. Just looking for some other opinions as I’m currently on the fence about this deal.