What Are the Pros & Cons of Cash Refinance?

[Bob Asad]

If I'm understanding correctly, for a cash refinance...

If you buy an investment property, fix/repair it, and get a higher appraisal, you can then take the $ difference and put a down payment on another investment, etc.

If so, are there tax implications with a cash refinance? Does it get considered income?

Any recommendations on what to do with a cash refinance? (Ex. do you recommend that it's $100k+ before doing this and putting a down payment on another property?)

What are the pros and cons based on your experience? (not just a general list of what Google says, but based on peoples' actual experiences)