Cash out refi or Sell $1 million condo

[Dennis N.]

Hello fellow real estate mogul/gods, I am new to real estate investing is a complete newbie in this. I am in this scenario right now and would love to seek some advice on how to best strategieze and achieve the goal of building 200k in passive income in 5-10 years? Thanks a lot!!!!! Appreciate your time 

Background:

I have a 1 million dollar condo in a Class A metro city. The condo is completely paid off and is recently built (within 5 years).

Total income: 3.8k

Taxes and HOA: ~800 each combining to around $1650 a month

Net income: ~2.1k a month

I paid in cash ~865k back in 2017.

Personally, I earn a decent income (~180k) and is in late 20s. No debt or any payment.

My goal is to be able to build a 200k net cashflow in 5-10 years, obviously sooner the better.

I have a decent amount saved and is thinking if I should free up more cash by either selling the condo or refi and take around 400k out (interest rate is around 4.5% last I checked) for 30-year fixed.

Any advice or ideas on strategy to achieve the goal of building 200k in passive income? Should I sell or hold the condo?

Any insight is appreciated. Thanks so much!!