Is this a good strategy? Las Vegas

[Oliver Martin]

Hi everyone! Is it a good idea to cash out refinance my free and clear rental properties for about 70-80% LTV, and use the cash to buy my next primary home? The purpose is to lessen equity in rental properties, take advantage of low interest rate, decrease rental income therefore reducing tax liability, lesser equity could also mean lesser incentive for frivolous lawsuits. And buying with cash could also help me get some discounts when buying a property at a softer or less competitive price point (>400K in Vegas).

Once I buy my primary home, I could refinance it to further reinvest the cash or save the cash for future purchase when the interest rates eventually go up in the near future. I could also just keep my primary home free and clear, and enjoy mortgage-free living since most of my income comes from my full time job. This will give me some financial freedom and also help me save faster for the next investment.

Is this a good strategy or I'm missing something? My main question is in paragraph 1. Paragraph 2 is just a follow up question or just an idea on what I plan to do after. 

Thanks in advance.