Cash Out Refinance question

[Megan Stateler]

Looking for advice on how much to pull out of a cash out refinance. Acquired duplex using seller  financing. Paid out of pocket for rehab. Fully rented with long term tenants. Appraisal came back with the ability to pull out all cash invested in the deal plus some. Final numbers would be pull out all of initial investment and cash flow $350/month or max out on the cash out- break even plus $11k and only cash flow $150/month?  Are there risks to either that I’m not considering? Lender is giving 70% loan to value. Just making sure I’m not missing something- thank you for any responses!