Need advice on best use of rental property equity

[S Anderson]

BP-

I currently own one rental that has increased in value substantially. It’s low maintenance and I have a great long term tenant. I’m now considering pulling out some of the equity (around 200k) and buying another investment property. My question is...should I invest the equity in multiple properties using a portion of the 200k as down payments and build a broader portfolio of properties or should I look for just one quality property in that range and pay cash?  The market I live in (Denver) is expensive and competitive so I will likely be looking out of state to get quality at a better price and possibly buy turnkey properties to simplify things. 

Thanks in advance for your help