Cash out refinance on rental property

[Guillermo Oyola]

Hi I'm new here and seeking some advice. I have two rental properties with considerable amount of equity. They also have really good cash flow. I'm considering doing cash out refi on the one with the most equity to use the cash for down payment on another rental investment. 

What are some of the negatives or downside of doing cash out refi on rentals that have mortgages? Obviously my payments will go up and less cash flow on the property that I do the cash out on. However, even with new payments my rental will still cover it.

Are cash out refi good ideas for rental investments? Using the cash as down payments?
Thanks in advance.