Cash out refinance question

[Bill Zarzecki]

Can someone help me out understanding the full consequences of a cash out refi?  I bought my home 8 years ago for 59900. Owe just under 50k now. Worth somewhere around 120k. If I refi for the cash, and do the full 80%, that would be a new loan of 96000, minus the 50000 owed, means I get a tax free check for 46000 correct? Is this a smart option to get the 46000 and use that to purchase an investment property, or too risky since I’m assuming my current mortgage will double? I wouldn’t want to get stuck with a huge payment on my home, and if I purchase a rental and the cash flow only covers my new mortgage payment, it doesn’t seem to make much sense. Any advice is welcomed