Cash out Refi of 1031 exchange

[David D'Ambrosio]

Lets say you use 100K of capital gain to buy a 100K rental property using a 1031 exchange.  Can you shortly thereafter do a  cash out refi, take that 80K in cash without owing tax on it?  I may be in a situation soon where I will have a capital gain of 100 or more.  My original strategy was to use that money as a down payment of 4-5 properties, but wanted to know if I could instead buy fewer properties and do cash our refis to access the cash without incurring the capital gains.