Cash out Refi Mistake???

[Jonathan White]

BP Team, I've had an Alaska cabin project I have been working on for years that I finally decided to get er done. I used 0% interest credit card promo to finance $20k utilities to the property and it still needs 10K to get it in mint completed condition. It will pull 700 a month rent or more if used as an vacation rental and retail value is 70+K. I built it so I have little money in it so far. As it was coming time to pay off the credit card promo, I was also able to secure a deal for another fixer upper cabin for $35K but it needs 10-15K of work. It will pull $700 a month rent and ARV will be 70K. To pay for the credit card payoff and the new cabin, I took out a cash out refi at 5% interest on another rental I built years ago that has been paid off. It took me from earning $900 month income from rent to now owing 650 for the loan. In the meantime, I have not finished either project because of Military duty in Korea has not allowed me to return as I intended to get the mx completed. I don't have good enough GC connections to set it up long distance. Was this cash out refi a bad idea? Should I have sourced other money to purchase the recent cabin purchase and left my 900 a month rent income alone? I have 20K left. I feel like I made a mistake. I had hoped the funds I pulled out would have gotten both properties completed and earning rents by now, but this has not been the case. Long term goal is rent, refi and repeat once complete but until then, it is a money pit.

Additionally, In the last few days, I have several other motivated seller leads coming in for great fixer up properties but I don't want to dig to big of a hole before I get something earning income. However, they are good deals with great potential. Again I am out of the area for Military service so I will get these project moving as soon as able. But was this cash out refi a bad choice regardless of circumstance as I depended on that money and it was already making money (and was paid off)...now I have a mortgage and make significantly less money per month. Is the cash out refi, only good for BRRRR type properties and not long term owned paid off properties? I am interested in a four-plex and using the refi to fund the down payment on one would be a no brainer. But with these SFRs that are not rent ready....was it a mistake? I am open to any and all feedback as I learn the ropes in respect to non-standard finance options to get deals done. Thanks