Continue with Cash Out Refi?

[Austin Cai]

hey BP,

I just wanted to make sure I am thinking through this cash out refi logically. I am looking for my first investment property so I have much to learn regarding this. I have already started the process for a cash out refi in my current property that I live in so that I have enough money for the down payment of the new one (I live in HCOL). I would have about $185k cash at hand with a 2.86% interest rate. Now, I'm scared that I won't be able to find a property currently in this market within the 3 month timeframe that my pre-approval lasts for. 

If that is the case, should I just put the money into a ETF since they on average net 5-10% returns which is higher than my interest rate. Does this sound too good to be true? Any advice here on what to do with the money if I don't find a property? 

Thanks!