Pay down mortgage on existing property?

[Dutch Malcolms]

Here’s the gist

• I owe 100k on an investment property
• I have about 100k in equity in that property
• I have $50K I’d like to invest
• I will be refinancing to take advantage of low interest rates (my current interest rate is 4.75!)
• 780 credit score

Questions –

1. Should I use a portion of the $50K to pay down the amount that I owe on the home while refinancing?
2. Should I use that money elsewhere and buy another investment property?
3. Should I go all in and cash out some equity to finance the next property?

Thanks in advance for the advice - Dutch