Cash out refi or refi and lower payment?

[Robert Crossman]

I have 1 rental property in Kentucky. The rent is currently 1150 a month giving us 1020 after property management fees. The rent is going up next week to 1250 but we have a few repairs needed. Some flooring work and basement work. The repairs are around 10000 and we were looking into taking out some equity to pay off some debt and take care of the repairs. There is around 54000 we can take out and that would make it so we a break even for cash flow. If we refinance we are looking at getting around 250 cash flow for the property. If we do that then we would have to take out another loan to make the repairs. That would tie up the 250 cash flow to pay back the loan so either way we are break even. So my question is should I refi for more long term cash flow or cash out to have more money on hand and possibly by a second rental. I am new to the real estate investment game and I am in the learning phase. I want to eventually get to were I can invest and manage my rentals full time instead of working a W2 job. As I am between jobs after finishing college I figure now is a great time to push full-time towards investing. My wife does have a good job and we are break even with finances right now. With 3 kids I would like to start producing cash flow as fast as possible (as everyone would) to help prevent me from having to take on an additional W2 job.