Good time to Cash Out Refinance?

[Mike Sangapore]

Hey Guys,

I have a duplex with 100% equity that's probably worth around $325k and is rented for a gross total of $2,450/mo. I'm looking to buy a rental to rent as an Airbnb. I'm wondering if it would be a good idea to take advantage of this market (before it really takes a downturn) and cash-out-refinance and sit on the cash until I can find the next good deal. If it's worth $325k, which is conservative, I'd likely be able to walk away with somewhere around $225k which would decrease my cashflow from about $1,850 to about $700/month. The Airbnb range I was looking to be in would be around $300-400k so I would be taking out another mortgage but of course making sure the numbers would make sense and would generate more than the original net $1,850/mo that I'm sitting on now. Let me know your thoughts - this would only be my second rental so I'm very new and trying to make sure I cover all my bases. 

Thanks!

Mike