Cash out refi strategies

[Sol Naim]

Hey BP team! I have a rental house I purchased all cash, half from a cash out refi on a previous rental and half savings. The rehab is almost done and I’ll be getting it appraised where I’ll be able to pull out around 500K for under 3K a month. I have a couple questions for my BP community. 
I'm torn between getting one property for around the same value or two properties for about half each. I'm in this to BRRRR, long term hold and try to make some cash flow. The credit union bank that did my first refi is saying they can only do up to 5 loans meaning only 4 more cash out refis. So thats swaying me to just get one property but if i find a deal for 200K and other for 300K and it can bring me more rent, shouldn't i do that?
The other issue is don’t i have one shot to cash out refi on that 500K rental? I cant cash out 200 and then later cash out 300 without paying a lot more money right? Meaning once i pull that 500K im going to need to spend it asap to get renters to pay off the loan so I don't want to buy one property thats just covering half the loan while feeling pressured to buy another fast. 
What are your thoughts?

Thank you!