Should I cash out equity in my rental

[Rick Zink]

I own a rental that produces $250/mo cash flow currently. My wife and I want to buy another rental or a fix-n-flip. We are considering cashing out the equity in our rental via refinancing. The property is valued at $150k and we owe just under $90k. We have no experience with HELOCs so we are wondering if we should consider that route. We are just on the fence. We are not sure we want to pull out the equity. Any advice would be appreciated. Thanks in advance.