Cash out Refi vs Sell Question

[Marcus Hill]

Hi! As an investor, what is the value of Cash out Refi vs Selling.  I understand that I do not have to pay capital gains tax on a cash out refinance.  So to that point, why wouldn't I cash out refinance, grab that equity, tax free. And then sell some time later where I already have the appreciated equity at a tax free rate? I am guessing there is something I am missing, but I can't seem to understand why wouldn't everyone do that.