Refinance Investment Property

[Cristobal Sanchez]

I own a property (condo) with an estimated value of about $425K

I currently own to the bank (Mortgage)  $265K and therefore my equity is about $160K. 

My mortgage + Principal + Insurance + Taxes & Condo fees = $2,144.62 ($1,719.62 + $425 = $2,144.62).

The condo which is currently rented for $2750/month, so I make around $605.38 per month.

I am evaluating the possibility  of refinancing (Or using other type of financial instrument) to buy another investment property.

Is there any advice that you can provide in terms of using a financial instrument to buy another property?