Cash-out refinance or hold for cash flow?

[Tyler Pfaffenbach]

Hey y'all! My name is Tyler Pfaffenbach. I'm a new member here on BiggerPockets and this is also my first post. I'm very interested in Real Estate Investing and have read a couple books on the subject (one of them being 'The Book on Rental Property Investing' from BiggerPockets' Brandon Turner) but I have yet to officially start investing in anything...sort of.

I currently own a Townhome that I bought 5 years ago that's worth much more than I paid for it. Full transparency, I owe $90k and it's worth roughly $150k. Since I acquired the home I've put a lot of work into it; built a covered patio, rebuilt the fencing, remodeled bathrooms, general up-keep, etc. It's an older home, built in the mid 80s and needs some more work (but not much) to get it to the full potential value, which I plan on doing. 

So with that said, you can see I have a couple options to further my investment(s), and that's where I thought my community could give me some advice. I honestly don't know what to do from here. I've thought about approaching a cash-out refinance and using the cash to invest in other properties, but that would cut into my cash-flow on THIS property being that my mortgage payment would increase. I could HELOC on the house but would be adding more debt that way as well. I could buy a new property with an FHA loan and rent this property out as-is and slowly save the rent checks while BRRRR-ing the new property I'd live in. Or I guess I could stay, save and invest later, ultimately delaying my wealth.

So without dragging this dissertation on any further, if you were in my position, what would you do?

-Tyler