Cash-Out Refi to buy More Rentals?

[Account Closed]

I have two rentals in addition to my primary residence, lots of equity in two of the three, I’ve been flirting with the idea of doing a cash out refi (or two) and using that as 20 or 25% down on the next rental. Wondering if anyone has deployed this strategy to build their rental business? With a long time horizon, I can’t think of too many negative outcomes.

I’m in Orlando (which is booming) and I would continue my strategy of buying properties in upper middle class/trendy areas near downtown. No shortage of demand.