VA to conventional + cash out - anyone done it?

[Kelly Roberts]

I'm not finding anything on this topic in the search...has anyone ever done a cash out refinance (to conventional loan) on a VA mortgage?

My initial thought is that other options would be to keep the home and get a HELOC, sell the home and 1031 into something else, refi into an IRRRL (if that's even possible on non owner occupied VA loans), or something else I'm not even thinking of?

If it's relevant - the home was purchased at just over $200k and 100% financed at 3.75%. Based on comps it is now likely worth $375-$400k. I moved out in in 2017 and while the home has been a good rental, it is certainly no cash cow. Also STR is likely not an option, as they are prohibited in this part of FL.

What would you do it your main goal was to tap into appreciation to purchase more rentals? Looking forward to hearing everyone's thought's....thank you in advance!