Taking out home equity to buy SFR or 4plexes?

[Nathan Vu]

I bought my house 5 years ago for 250k at a fixed rate of 3.5% for 15 years. Currently I owe 111k in principle because I was paying additional principle for like a year. My monthly note is about 1.8k including escrow. Is it the right move to do a cash out refinance for 30 years to lower my monthly payment and use that equity for down payment for a SFR or 4plexes to rent out to create equity/cash flow? I have my improvements on my home that brought up the value to 270-280k.