Refinancing former Primary Residence now a rental

[Steve Quarles]

Hi all, new here.  I started as a reluctant landlord when I was unable to sell a house after purchasing another house in May 2020.  I am now generating about $1,200 cash flow monthly.  My current mortgage is a 30 year.  It appears I can refinance and pull out $125,000.  This refinance would be a 15 year and then would have approximately $500 monthly cash flow.  

Question is would this make sense? I plan on using the $125,000 plus some other savings to purchase another rental investment. This appears to be the BRRR, but missing the Rehab piece.

thanks all