Refinancing to buy another rental property

[Sarimar Hernandez]

I purchased a home last year that I rent and I would like to refinance it to purchase another investment property. The interest rate is currently 3.75 and will increase to 3.875 with the refi. My cash flow will be reduced from $1100.00 to $500.00 but I may be able to cash out about $70K for the next investment. I am a little concerned about the cash flow. I am a Pro member and I need help figuring out if this is a smart move or not. Can someone help me, please? Thank you.