Cashout/Refi former primary residence mortgage? Higher Rate

[Derek Grinnell]

Hello!  New Real Estate Investory :) First post! 

Recently I closed on a 2nd home, conventional - primary residence, and love it so much. I vacated the 'old' home and left everything (financing) as is. I just moved to the new house. I set up a LLC/QCD and self manage landlord renting the 'old' house, Yay!

So... my 'old' house is currently 3.75%, $183,000 loan, approximate value $335,000.  The mortgage is $1200/mo, rent is $1750/mo.  Purchased in 2015.  Almost 5 years paid on the 30 year note.  

Unfortunately, I just basically hopped on my new house deal and opportunity to get a 2nd home and decided to try landlord venture on a whim.  I didn't do any refi or heloc or anything (as the rate was already good).  Well, now I am here and wanting to leverage the equity, handle some unsecured debt 15k, ... obtain another rental (actually with rental financing).  I would love to have equity/cash readily available if the right opportunity came available.  I've also read about not having too much equity in the home and being susceptible to litigation etc... In Hindsight I would have done a heloc or refi before I bought the new house, but ohh well.  

I feel like I should be putting this equity to work for me!! I am comfortable with the risk.  

I checked with several lenders on a cash out refi investment and the best offer I received was 3.99% rate, New loan 75%LTV, $251K, $9k cost -1.5 points fee cost, new monthly payment $1400. =Cash out $59K.

I am really struggling with the issue of paying $9k (out of the cash out amount), going up in interest rate, lowering my cash flow on my 'old' house, and resetting the 30 year mortgage.  Is this just a newbie bad logic?? Is it best to have a 'investment mortgage.'?  

Any advice would be appreciated.  Maybe I leave things as is and just save my current cash flow $6600/yr and other money for a rental opportunity in several more years?  I could handle the unsecured debt as well.  My fico is excellent.  I'm just trying to find my way.   Maybe I should sell the 'old' house in a couple of years? Use all of that equity to try and buy multiple rentals?? I don't want to pay capital gains on it, obviously, as I lived in it for 5 years almost.  I don't even know the rules for that in Idaho.  Anyway I get all of these different thoughts and my brain goes down all these worm holes and options... I just can't decide what is best.  I wish I had a crystal ball lol.  Anyway, Thanks for reading :) I love this newly found website and forum!! You all inspire me.  

Apologies on not knowing which Category to place this.