Refinance, cash out, buy a new home and then sell current one?

[Kiran Adimatyam]

We purchased a home in 2013 in the Irivng, TX (Valley Ranch).  Currently we need to move to a different location to help find my kids some company. Planning to refinance the current home, cash out and put that money as down payment on another house.  Then sell the current one. Renting seems to be a good option but we are not on the plus side after mortgage, property taxes etc. 

Is this process of "Refinance, cash out, buy a new home and then sell current one" a good idea? Current rate is 0.25% lower than the one we might get on refinancing.

Thanks in advance.

regards

KA