A question on refinace?

[Cuong Thai]

Good evening my fellow investors,

How are you doing today?  We hope you are well.  I need your advice.  So please help me.  I live in the Inland Empire, CA.  I have two homes.  One is a rental, and the other is used as my primary residence.  Both of them have mortgages: Rental one owes about 195K, and the primary is 259K.  I would like to know if I could refinance and take out the equity in my rental property and pay off my primary residence.  Then I would have only ONE mortgage to pay.  Right now the combined mortgages are about 2600 dollars a month.  The money that I make from my rental is about 200 dollars per month after all taxes and mortgage are paid.  The refinanced amount would be about 460K and I would like to go 30 years fixed loan.  What do you think?  Is this a good idea?  Personal income taxes issue? Thank you very much for your help.  I am looking forward to reading your valuable inputs.  Joe