Paying cash then cash out refi?

[Allison D.]

Hi all, I am new to this forum...currently we have one rental, we are moving out of primary residence to make that into 2nd rental and we are moving to our lake home.  All of these properties are owned out right.  We are wanting to buy a 3rd rental with our cash, but then after the deal is done, I want to get my cash back.  What is a cash out refi?  How does this work? Can someone please explain this to me?