Cash out refinance to buy second property

[Benjamin Allison]

My wife and I are house hacking a duplex and we are ready to move to the next property. Can we do a cash out refinance to purchase the next property, to live in, if the duplex is currently our primary residence? 

We have over 100k in equity and would like to accelerate our ability to acquire more properties but how does a cash out refinance effect our debt to income. Will we be able to go put a down payment or a couple of down payments on real estate with that money and still get approved for the loan/loans?