Can I Cash out refinance my home for an out of state property?

[Karoline Kaon]

My husband and I recently purchased our first property in Florida with cash. I will move to New York for graduate school and plan to buy a home using the BRRRR method. We hope to homestead the house in NY and retain our NY residency. My husband is in the military but we are both from NYC. Has anyone done a cash out refinance for an out of state propety? Is that tough to do?

I am currently employed with two W-2 jobs but I will quite both jobs in August to continue my education. Thoughts? Should we just try to get a HELOC?