Cash out refinance to purchase a 1bd/1bathroom in a nice area

[Jasmine Franchesca]

My first question.

I am thinking about refinancing my house and take out 50% (65,000) of home equity, to purchase a small condo in a very nice location. It is a move-in ready. Potential to earn between 300-500 after expenses.  

My current mortgage would increase close to $300/mo. 

Feedback is highly appreciated. 

Cheers!