What purchase plan is better

[Brandon Ja]

Good day team. I'm currently working through a plan for my second rental property. My current rental is free and clear and has about $220,000 of equity. I am considering doing a cash-out refi but I don't want to leverage more than 50% of the property. I'm trying to decide what the best path would be with the $110,000 that I pull out. Is it better to use that money as a down payment on one property or split it and use it for a down payment on 2 properties? I'm looking in the Central Texas area at SFR, 3br 2 bath and can find good properties around the $250,000 price range.