Selling or Refi?

[Tim Maciasz]

Hello all, I am looking for some incite/perspective from more experienced investors. 

I bought a house in Seattle 2yr ago and I added a second floor/remodeled/updated this house(which is my primary house), and am now in a position to pull out the money i put in with a refi, or sell in a very hot market and realize substantial gains on my original investment. This is my scenario, 

1, I could refi and pull out 140k which leaves me with a essentially brand new house to rent with a 400-600 a month cash flow and if the market holds, about 100-150k in equity. and i can reinvest that 140 into a new primary and most likely 1 other investment property, maybe two..its a tough market in Seattle, i would have to venture further out. 

or 

2. sell, and realize realistically around 250-300k free and clear(I would have to pay capitol gains over 250k I believe), then i would need to buy another primary which i could do with 50k, and that leaves me the rest to invest as i see fit. this scenario is a lot more inconvenient because I would need to sell/move/rearrange my life to accommodate, but It affords me a bigger chunk of cash to work with that isn't tied to any one house. and potentially affords me a few more options like buying a house cash without having to borrow from a hard money lender, etc. to do another flip,  or  get into multifamily, or just get a few more buy and holds. 

I also have one other rental already that is cash flowing nicely. if i keep the house in question i would have 2 solid houses cash flowing with lots of equity. and my new primary plus 1 investment property would put me at 4 houses within a year. I am still trying to develop a strategy long term,  ideally I would like to get to the point where I am flipping houses full time(as my Job) and continue to acquire rentals slowly as income for the future.

I'm sure there's a million ways to look at this, i am just looking for any good food for thought, or advice from anyone who has been in the same situation.  Either way I'm excited to jump into my next investment project!

Thanks all!

Tim