Is Cash Out Refinance my best option?

[Jack Wyatt]

Ok So I bought a 13 bed 7 bath rooming house. I paid 120k cash. It appraised at $350k. I owe a friend 65k they loaned me to secure the deal. I own the house outright and need to borrow against it to pay my friend back and would like to have more money to buy a second rooming house. Is a cash-out refinance the best option? If so, should I go for the max amount they will loan me? Should I go for the longest loan term possible?