Cash-out refi on investment condo?

[Lauren Whaley]

Hi everyone: Rookie here in Los Angeles. I have owned a rental condo out of state for years and do not own the rental in L.A. where I live with my family (husband and two littles). Inspired by BP and y’all, I’m thinking of doing a cash-out refinance on the condo for a down payment on a primary residence in Los Angeles and possibly another investment property elsewhere.
Would love any and all advice about cash-out refinances on investment properties. Are there big pitfalls I should be aware?

Am I being too ambitious to think about buying two MORE properties after owning only one rental for years? Thanks!