Should I cash out Refinance

[Kevin Pena]

I will be getting into the home rental space and I have written out my 1, 3, 5 year goals. We held on to our first house and have been renting it out for 8yrs and own around 29k on property and we have been taking extra income we been making on rent and paying down mortgage.  The property is worth 120k.  I have an opportunity to buy another house for 80k that is worth 140k.  My question is does it make since to refinance our first house and get cash out and then use that money to buy this other property?

Thanks in advance for help!

Kevin