Are cash out refinance loans a good option?

[Connor Myllymaki]

I’m looking to keep my options open for the next investment, and be ready to move fast when the next deal comes up. I have a duplex that has gone up in value and makes a good profit. So I have no interest in selling. It also has a va loan attached to it. So my question is, would it be a good idea to do a cash out refinance to get the equity out of the property, which should also free up my va home loan entitlements for another property? If you have some thoughts, I would be very interested in you ideas. Pros and cons. Thank you.