Cash Out on Investment?

[Julian Rodriguez]

Hello everyone.  I have a rental property that I owe $290,000, I bought it for $330,000 in 2010.  The property is valued at about $800,000 currently.  I have a 4.125% interest rate, monthly mortgage is currently $2,650 and my rental income is $4,450 per month.  

My question is, do you guys think it is a good idea to do a cash out refi and pull out about $350,000?  I would use the money to purchase another investment property to rehab and flip.  Any advice would be a great help.  

Thank you,

Julian R.