Quit claim refinance

[Joey D.]

Hello everyone, my name is Joe and I am new to BiggerPockets. I hope you are doing well! My mother quit claimed her house to me this month. She has a mortgage on the house of around $30k, and the house is valued on Zillow for 105k. I want to do a cash out refinance on the home to pay off her $30k mortgage and use the remaining equity for investment. Has any one had a similar experience and insights they could share? FYI - The house is rented for $950/month. Thank you!