Is a Cash Out Possible?

[Tracy Mayfield]

I own a rental property here in California with a good amount of equity. I wanted to do a Cash out to pay down some debt and use some to look at options for buying another property. I have good W-2 income around $190k. I haven't had cash flow from the property this year because I'm in the process of getting rid of the tenant (if you know California eviction laws, you know its a long painful process). My credit scores are in the 560s due to debt, no chargeoffs or collections, etc. Thoughts?