Should I cash out refi? To have cash on hand?

[Logan Larochelle]

I'm looking for some advice on what's best for my situation.. 

I currently own 2 homes but would like to do a cash out refi on one of the homes to have some cash on hand. I own $50,000 on the home it is worth $120,000 I'm thinking of taking out 80% of the value

Should I take the cash out or what are some other creative ideas or better advice?