Financing options for my next group of properties

[Chris Collins]

Hello Bigger Pockets Community,

The advice I have read and received from this community has been instrumental in building my real estate portfolio.  I wanted to run a scenario past those in the community to see what general consensus is.

I currently have 7 residential rental properties (4 duplexes, 3 single family) and a 14,000 sq foot industrial building (owned with partners for our HVAC business).  One of my duplexes has enough equity to purchase another property.  I also have a personal residence with equity.

I could refinance my duplex, and pull out roughly $35,000 to invest elsewhere.  My cash flow on the property would go from $550.00 per month to around $390.  I would then take the $35,000 to purchase another duplex in the same area, cash flowing around $325-$350 per month.

I could also refinance my primary residence and pull out $100,000 in cash to invest in more properties similar to that mentioned above.

My goal is to build my passive income stream, however, I have a wife and a three year old son, so managing risk is also important to me.  Does it make financial sense to do two refinances to pull cash out and buy more properties?  Am I greatly increasing the financial risk to my family?

Thank you so much for your help and advice.

Chris