My first refi, take what I put in, or go BIG!? (into debt?)

[Philip Johnson]

I have 5 properties.  I've done 1 a year, rehab to rents.  I'm doing my refi cash out on the first property I bought.  Should I just get out what I've put in (down payment + rehab) or should I take out more? I will be using the cash to purchase a nasty property that will need a full rehab.