Cash out refinance, then sell

[Eric Wallet]

Question? Would it be beneficial or possible to execute the following:

Have an investment property with lots of equity. Say I own this property (other than my primary) which I owe $50k on the mortgage, and this property is appraised at $200k. If sold for that price, it would be taxed for income of $150k. Instead would it be possible to cash out refinance this property for $160k (80% of appraisal) minus the mortage amount owed of $50k, and have $110k as a cash out amount. Then turn around and sell in 6 months for $200k minus the $160k mortgage owed and only pay tax on the $40k? f

Thanks for advice.