Mortgage -vs- no mortgage

[J Romano]

I recently purchased a property that will be a vacation home, and vacation rental. I had planned on putting 20% down and getting a mortgage, but due to 6+ offers, I had to give a cash offer to get it done.  The cash amount represented ~65% of my cash (checking/savings).  Now, months later, already owning it free and clear, I'm finding it difficult to do a cash-out refinance to take out 80% of the value.  It's really odd when looking at it this "backward" way.  I plan on keeping the property long-term (10-15+ years).  The way I see it... this cash that I had will be tied up until I sell in maybe 15+ years.  I'd like to have access to the cash for possible real estate investment, more of a cushion in savings (at ~2%), to invest in stocks, pay for college (in 12+ years), etc....  Isn't it best to take this cash-out now, while rates are still low, vs being stuck later on when I may have to sell or refi at a high rate to access the cash?  I was thinking a 15 year fixed to avoid the interest.  

To recap... I fully intended on taking a mortgage on this property, but since I was forced to pay cash and now own it free and clear, it seems like it might be silly to just take out cash that may sit in a bank account paying 2% rate..which is where the cash was before I purchased the home.  Thoughts??