Cash out REFI???? Why haven't I heard of this?

[Vincent Plant]

Hello, 

I just picked up a rental income property about 2 months ago. Now I'm looking for another. I heard about cash out refinancing the other day and I want to see if its worth it to think about on my current rental. 

Heres what I got: 

I purchased this property at $73,250 two months ago and put down over 30% and used a conventional mortgage amount of $50,000. 

It appraised at $75K during the sale. 

Since I have taken possession I put in all new carpets and it is now occupied by tenants and is cash flowing $650/month. 

Of course I still owe $50K on the property. 

Experts..... is a cash out refi a viable option for me to collect cash to put into another property? Im all ears.