1031 and BRRRR

[Ryan Yu]

Hi, here's my question. If I buy a 4 unit multifamily property using a 1031 exchange for $2 mil then use my own cash to remodel it, then have it appraised for $2.5 mil. Can I then refinance the property and take some money out  to use it as a down payment for another multifamily property without paying any capital gains tax on the money I take out from the refinancing? Or do I have to pay capital gains taxes on any money I take out from refinancing?