Cash Out Refi for first Apartment Building

[Nate Morris]

I am looking to buy our first apartment building. For the down payment I can sell stocks and pay cap gains, (which I don't really want to do) or cash out refi our 1) primary or 2) long term rental (or 3) Both). The primary has a small amount of equity (lower rate) and we could swing the payment on my current salary. The rental has tremendous equity (as was our primary prior to being a rental) though if I pull it all out, the rent income from that property alone would not cover. Also the rate we locked in on our rental is close to 3% 30-year. 

Of course if we aquire an apartment building with 10% CoC returns with that equity, I am more than covered.

I want to make a smart decision, walk before I run, and take action before rates continue to rise. 

Appreciate your thoughts!