Cashout Refinance / Sell? Suggestions Welcome

[Seth J Spears]

I own a home in the Sugarhouse neighborhood of Salt Lake City. I bought it in 2012 as my primary residence for 136,000 on a 203k FHA. I refinanced out of the FHA to a conventional 15 year in 2015. I currently only have Ten years left on the mortgage and a balance of $110,000 with a payment of $1100 a month. The home is currently valued at $350,000. I want to invest in other properties and I was thinking of doing a cashout refinance. I could take around $120,000 and move to a 30 year and only add 300 to my monthly payment. Current rent in my area would be around $1700, so if i ever had to rent it, I would be fine. So we could take out $120,000 cash through a cashout refi or sell? and get around 220,000 net debt. Any advice? Similar experience? Just caught on the fence. Open to Suggestions.