Refinance then get loan from equity

[Louis Stewart]

I really need to refinance my home loan (4.5%, working on a 2.75% 30 yr fixed right now). I also want to hopefully buy my first rental. My thought is to just do the refinance then get a loan from the equity after. Is this correct or is there another Refinance/loan/ financing strategy I’m not thinking about? 

Thanks for the help!