Should I Rent or Cashout Refi now?

[Tarik B.]

Hey all,

I'm a long time follower of Biggerpockets but brand new to the forums. I want to get input on whether I should rent or cash out refinance my Condo. I bought 5 years ago current value is $450k and I owe $219k. Interest rate is 3.875%

1. Should I rent it now? I would cash flow ~$500 per month. I would then move to a cheaper rental and look to buy another property. 

2. Do a cash out refinance at 3.5% to pull out $140k. I would live in it a another year per the owner occupied requirements and then buy a duplex or rental property to move into in a year with the cash and rent this one out for ~$100 monthly cash flow (Due to the additional payment from the cash out). 

What do you all think is the better way to go?