Pulling equity in LLC name, using for personal -- options?

[Jonathan Allen]

Hi guys - 

Looking for a sanity check and potentially some advice.

I have a few different rental properties that I own in a a single Member LLC. Based on comps, improvements, and regional strength, I believe several of the properties have doubled in value in the 4 or 5 years that I have owned them.

Not wanting to sell, my thought is to have them reappraised and pull equity.   My bank will let me re set the debt at 80% of appraisal value.  I know that this in itself is not a taxable event.  

My question is if I want to use these funds (the cash received = appraisal * 80% minus outstanding loan balance) to purchase property for personal use (primary residence), if that creates a taxable event?

Anything else that I should be thinking about? The economics on the units will go down given higher debt service, but can pull significant equity and still be north of 1.25 DSCR so this feels like a prudent move.

Would love some thoughts on risks/reward on pulling equity in general but more specifically on if I can use for personal?

Thank you, experts!