Should I cash out refi to buy my next property?

[Alexis Sicherman]

Hi all! My name is Alexis and this is my first post on the BP forum. I own a vacation rental in Cape Coral and have since 2016, so it has quite a bit of equity in it. 

Some numbers on it;

Bought for $175k in 2016, have $109k left on the loan. It’s now worth $375k (haven’t had it appraised yet but this is the low end of my estimate). Current interest rate 4.125%.

I want to buy a second home in/near Bradenton or surrounding areas north of Bradenton. I plan to use it as a primary and house hack it for a couple years until moving out of state, renting it, and then buying another property. My husband and I are travel nurses, so we plan to bounce around every year or so. The price ranges down here are $375k+, otherwise you’re in a C/D class property, and we are just not willing to live in a bad area like that for 2 years. 

The question, should I cash out refinance the Cape Coral home in order to fund a down payment on the potential second home in Bradenton?
I don’t want a mortgage payment to be nearly $3k a month on the new property, which is what it would be if I put less than 20% down. 

But my concern is, if I cash out refinance the Cape Coral home, would it raise that monthly mortgage significantly? Therefore canceling out my goal of keeping both mortgages lower?

Thanks in advance for the advice. I’m also asking my lender these questions, but wanted other opinions :)