Should I do a Cash out Refi?

[Jasmin Corral]

I am debating doing a Cash Out Refi on one of my Rental Properties. Even after pulling out 150-200k The Rent would still cover the mortgage + 500-600 more. Since rates are so low, I'm thinking I could leverage this opportunity to purchase another income producing rental. I only ow 310k on rental, current value 850, New balance would be around 510. Is this a solid strategy?