BRRRR Refinancing help!

[Derek Scott]

My wife and I were both working remotely during Covid and bought our 1st home in a town with lower cost of living. We bought as our primary residence (Conventional; 5% down). Work called us back in, and we are now renting the property. We put in a ton of work to the house and increased the value drastically. I want to BRRRR the house but I am stuck at refinancing step because of our high LTV and great current interest rate. I want to scale my properties, but I can't seem to make the Refi make sense here...

Any thoughts, or ideas would be appreciated!