Cash-out Refi before 1031 exchange?

[Philip Potosnak]

Hey BP! My wife @Christina Potosnak and I are in the early stages of performing a 1031 exchange on three SFRs. We have a fourth SFR that is paid off that we could tap equity from ~$120k by doing a cash out refi. Would it be better to cash out refi the fourth SFR before the closing of the first relinquished property in our 1031 exchange? Or after? I was thinking it would be advantageous to add the $120k from the cash out refi to add funds to our 1031 replacement property. The credit union at my employer also offers home equity loans equal to the equity we currently have on our primary home. This could raise an additional ~$90k to go towards 1031 replacement property.