Best way to maximize funds; sell or cash refi?

[Jess A.]

Best way to obtain cash to expand real estate capital? I have a home we purchased with a solo 401k, that was rehabbed, and ready to sell with appraisal of $250k. If I sell I can have funds to use again for next project. Or an option to obtain a cash out refi to get 80% out and keep home as a rental with $1500/mo rental income.  Do most investors just use equity to buy more? Or just rehab and keep on buy/selling? Best advise to maximize best use of cash,

Thanks