You can do this as a rate and term refinance with no cash out, or a cash out refinance. 

It's a decent tool, but as Greg mentioned, I'd definitely plan for a worst case scenario and make sure it cash flows at the highest interest rate juuuust in case. 

Cap Rate, Cash On Cash Return, then IRR. 

As a side note typically I do not use my deferred tax dollars to invest in traditional real estate as the benefits (depreciation etc) are all lost when using a self directed IRA - My guess is build to rent will provide little to no cash flow to build the account - it will all be locked in the property. 

@Geoff Engel depending on what amount of available cash you are starting with and what you ultimately want to achieve will help determine your path.

So it's a waiting game for that property until you have enough to do a cash out refi.

You could also do a cash out refi.

Additionally, the fact you might be negative cash flow in Texas will give you more flexibility by renting in Portland.  

So either you pay for the repair out of the idle cash in your account, file an insurance claim and use those funds, or rollover/transfer funds from another retirement account to cover the cost. 

The loan will be used to payoff the 49% partner and allow me to take some cash out.