Cash out Refi- First timer, advice appreciated :-)

[Ben Wallis]

Hey BP community- I wanted to post this to get feedback from the more experienced investors out there.  

My wife and I have a 3/2 home located in Flower Mound, TX that we rent out.  Value on the home is $275k, and we are fortunate not to have a mortgage on it currently.  We bought it 8 years ago for $150k, and it has appreciated extremely well.

With the way that mortgage rates are currently falling, we began the process of doing a cash out refi to pull $150k out of the property to be used for other investments.  However, this is our first time doing this process so we're looking for wisdom/insight to ensure we're not missing anything.  

The new mortgage will mean that we're still cash flowing approx. $500/month on the property, and give us the new capital to use with other investments (we're looking at passive, multifamily syndications).

In my mind, this all makes sense and we're ready to go full steam ahead...but the fear of the first time is a real thing...so basically we're just looking for affirmation that it's all going to be ok, haha.

I appreciate any insight, help, downfalls, or reassurance that you can offer.  Thank you!