should i refi cash out my house to buy rental

[Julia Schwartz]

I am trying to refi with cash out on current primary home to buy single family rental. My current interest rate is low and I have received loan offers for similar rate or lower than what I have now. Primary home is in So Cal and rental house will be in same area. What should I look for when buying single family residence? Is it a good idea to take out the cash now, being that the rates are low and look for a property at a later date?