Cash Out Refinance or leave equity in Co-op?

[John Mucilli]

Hey everyone, I wanted to get some expert/experienced opinions regarding something I’ve been considering. 
I currently own (2) co-op units in a building with lax rental rules. 
I am living in a 2BR unit, and rent out my first bought 1BR unit. The mortgage has since been paid off completely. The unit cash flowed $350-$400/mo prior to the mortgage payoff- for a point of reference. 
With interest rates so low, and property values at a high in my market, I’m wondering if I should put a new mortgage on it and cash out the equity. What are the reasons someone would or wouldn’t want to do this? 
One of my reasons for wanting to is that I am investing into fix and flips, with one currently in contract- so I would like to free up more capital for additional projects if a deal were to present itself. 

Thanks for the feedback!