Is a cash out refinance what I am looking for?

[Bily Elliott]

Here is the short of the story. I have a paid for SFH that is a rental property worth around $45,000. I am looking to buy another property or two, more than likely a foreclosure, so financing the new properties is probably out of the question. I have some money, around 10K saved up from the cash flow of the existing rental property. My income from work pays all of my bills/house payment/everything else with a little left to go into savings each month. What is the best way for me to get the equity out of my paid for rental property so I can buy another property or two?