Cashout refinance for additional purchase

[Sattir Bitti]

Hi BP community,

We have a duplex that is well appreciated with only 20% LTV. We are thinking of doing a cash-out refinance to bring the LTV back to 75% and use the cash for purchasing 1 or 2 additional Duplexes, thus we can distribute the 80% equity across 3 properties instead of tying them up into just 1.

Is this a good strategy? 

-Sattir