If I did this cash out refi, I would replenish/add to the emergency fund just for a little extra comfort but would like to use the rest to buy more real estate. $40k wouldn't buy much around me so likely I would have to look out of state which I have never done before.  

Also there is 1 month of rent he forced me to use from his security deposit, citing covid related hardships. 8 months have passed and he has still not replenished the security deposit.What are the best legal ways I can evict this tenant?

Mulch or pine straw ground cover are possible options but require ongoing expense to replenish. 

It won't be a mountain of cash, but your price point is way higher than most of the rest of the country, so there's not much you can do.Getting a HELOC would lower your cash flow, but replenish your coffers. 

Use the HELOC, complete the purchase and the renovation and then get a DSCR loan for any long term financing needs, replenishing the HELOC to use again.Stephanie 

Since we order in bulk it doesn't have to be replenished very often.

If you spend out of the account you have to replenish it out of the cash flow until it is built up again. 

Try a small local credit union to replenish your funds

That’s how long it takes me to stabilize new purchases and replenish savings for the next round.

We charge clients for a replenishment of hot tub chemicals - usually once per year, as well as $30 per month for pest control.