Cash-out refiance on a VA-loan with a Second-tier entitlement

[Ken Eck]

I currently own two homes, my primary residence in Texas and a rental property in Colorado which holds roughly 70k in equity. Both are financed with VA Loans. I purchased the Colorado home back in 2014, which was used as my primary residence until the beginning of 2017. After being transferred to Texas we rented out the Colorado house and I used my VA Loan Second-Tier entitlement to purchase my new home in Texas, maxing out my VA Loan entitlements.

My first question, would I be able to do a cash-out refinance on my Colorado rental, to use as a down payment for another investment property, if I have maxed out my VA Loan entitlements?

Also, if I transfer my Colorado rental's VA loan to, for instance, a non-VA 7/1 ARM, would that open my entitlements back up and give me the ability to use my VA Loan in the future?