Refinance my house and cash out

[Eli Mint]

Hi all,

I am looking to invest in buy and hold in the Houston, TX area. I have about 50k to invest and was wondering if I should refi my primary residence and cash out about 60k to increase my investment capital. I should add that I don't have a property lined up yet, but worry that rates might go up soon, increasing cost of money in the near future. 

Is it a good or bad idea?

Thank you in advance for your feedback.