Cash-out Refinance a wise decision?

[Yuta Tamura]

Looking for some wisdom from my fellow BPers!

I am considering doing a cash out refi for a rental property purchased in July 2017 with a 30 yr. 4.375% fixed, for the purpose of acquiring acquisition capital. 

With the general chorus seemingly trying to promote more leverage, BRRR, and HELOCS or cash outs for further acquisitions, I was wondering whether there was a general consensus on when it is NOT considered a wise decision to cash out refi for the purpose of acquiring more properties, especially in this rising interest environment & near correction speculation. 

Loan balance: 77k
Current market value: 140k 
75% LTV: 105k
Closing costs: 7-8k
New interest rate: 5 - 5.5%
Cash-out: 20k (assuming above conditions)

I understand that the final cash out, assuming all the conditions stand, will only net about 20k. However, with my current accumulated savings and the cash-out net, I would then be able to acquire another property. I have reserves set aside for all of my current rentals. 

A refinance will result in higher monthly payments which would reduce the overall cash flow; however, I'm more interested in acquiring more properties quickly so that I may achieve adequate passive income to replace my full-time work income. 

I have tried to look into a HELOC; however, the great state of TX apparently has regulation preventing HELOCS on investment properties.

With that being said, is it logical to cash out refi, resulting in a higher interest rate, higher leverage, and subjected closing costs, all for the sake to acquire an additional 20k in capital for the next acquisition, OR will it be wiser to remain patient and either save for the next property or find a different source of capital other than the equity in the home. I'm asking in light of the current environment of rising interest rates and potential near-correction. 

Any assistance or advise would be greatly appreciated!