Cash out, refinance or sell my old home to buy new rentals?

[James Phillips]

Hey guys,

I have moved cities (about an hour-90 minutes away) and rented out my old house.  I know that I will be living here for a while.  My old home is cash flowing and has had little to no issues (since I lived in it and know everything is up to code and works well).  

I'd rather not lose out on the cash flow, but I do want to invest closer to home now.  I think homes have appreciated enough that I could get out some significant cash from a refinance/cashout.  Or I could just sell the property and start here, maybe put more money down on a house for me to live in?  

Is there a good way to evaluate my options or does someone have a good opinion on why I should do one over the other?