How can I turn equity into cash flow?

[Mike Brown]

With the BRRR method, it seems it's a lot easier to accumulate equity than cash flow. For ex., say I buy a $100k property, ARV is $150k, bank gives me 75%, which is $112.5k.

So if I refinance, my monthly cash flow goes down but I get that $112.5k, correct? But I prefer cash flow over equity because I like that steady stream of monthly income coming in. I also don't feel comfortable relying on equity alone if the home market crashes. So my question is how can I turn that big load of equity into a steady stream of cash flow? 

Another question I have is, is it possible to invest that $112.5k into an actual business, like maybe a gas station or store if I find a good opportunity? Is that legal?

Any education for this newbie would be very appreciated!