Cash out refinance then later possible 1031 exchange

[James Findley]

I bought a SFR a couple of years ago for $140,000 with a mortgage, and after fixing up the house, moving out and converting it to a rental, I now have about about $200,000 in equity. Can I take a cash out refinance now (taking about $50,000 out now) then in a year or two do a 1031 exchange to a new property without the 50K being considered boot?