Refinance primary residence to purchase investment

[Gui Touma]

I have a small 7and done loan for 33000 against home at 3.99 % home worth about 150. I have a single family house that’s right next door to one of my duplex’s owner offered home to me for a good deal. I don’t have a deposit ready as this deal came unexpectedly so I’m thinking of doing a cash out refi on my primary to purchase rental is this a good strategy?