Pull the equity out of rental #1 to buy another outright??

[Drew Denham]

So my first residence I owe about 58k on a ten year mortgage (8 years left) and my payment w escrow is about 850. I'm currently renting it out at 945 and im in the process of buying another home right now as my primary residence. The house is worth 105-110 so my question would be do I refinance and pull the 40k (90% of the equity) and buy a rental w cash or try to focus on flipping to increase my capital ? Go from a 10 year to a 30 year? Pros / cons ? Also, I don't think I'm at the point of potentially having three mortgages (plus my renter has only been there a month so the history isn't there). Thanks all! Have a great day