Need advice and wisdom on possible refinance

[Albert Padilla]

Hello everyone and thank you for viewing my post!
My name is Albert and me and my lovely wife are in the process of trying to refinance a second time on our 1st property we bought in 2018 but this time we want to take out out some equity from our house in the Los Angeles area in California to invest in vacation home in Big bear area or if that doesn’t work out then look into getting another single family or multi family home to invest. Our outstanding loan amount is about 313,000 and we just got an appraisal at 470,000. So one of my questions is should we take out a max amount of equity or only take out about half or so. One of my concerns is that we take out to much and our mortgage payment will be more that we can afford. Our current mortgage is $1,800 right now and if we take out only $50,000 our mortgage will go up to 2,200 or so and I really don’t feel to comfortable with anything higher than that simply because I would like to rent out this house as well I’m time. I also though about holding off the refinance another 6 months and pay down our principal on our mortgage an extra $6,000 on top of our regular payments. Or if need be sell our property to start investing that way. As I said I’m a very new to this and I am trying to expand my knowledge in real estate and all its many ways of making it work. I am a very worrisome person when making big decisions and doubt myself a lot especially when I don’t fully understand something. I thank you all for those who took the time to read my  message and  I look forward to hearing you’re thoughts and suggestions.