Real-estate Rookie - Equity to purchase 2nd Rental

[Justin Butcher]

Good morning everyone, I need some help figuring out the best way to use my rental homes equity to purchase a second rental. 

I have a single family house that I have as a rental unit in Bozeman MT. I purchased the home for $240,000 about 4 years ago and paid $55,000 down so I financed $185,000. The house is now worth $460,000 so I have about $275,000 in equity. I have a nice monthly cash flow a little over $1,100 a month. My question is if I took equity out of this home would it affect my current monthly payment? Also what is the best option for keeping my cash flow in my current rental around the same each month and using the equity to purchase another rental. 

Thank you for your help, I know this is probably a no brainer for most of you but want to make the right decision before I make my next move. 

Thanks, Justin Butcher