What’s your primary goal for the cash-out refinance?

I would be looking to cash-out between 300-400k.

Quote from @Devin James: When running numbers on an investment property, I focus more on equity growth than monthly cash flow.Here’s why:If I can acquire a property at a low basis and add significant value, I can: 1) Sell and reinvest elsewhere 2) Cash-out refinance to recapture my investment.

But what about the interest on a cash out refinance?

@Kyle Trotman feel free to reach out. 

Quote from @Daniel Tanasa: Another option is to get a small cash out refinance from the house you plan on fixing up, if is in financeable condition, and use that to fix it up, while still cash flowing.

Texas does have specific rules regarding home equity loans and cash-out refinancing (often referred to as "Texas Equity Section 50(a)(6)"), but these don’t prohibit homeowners from using funds for investment properties.

You could also do a cash out refi.

Sounds like a cash out refinance would be the best way to tap into that equity. 

I am not clearly following the the refinance bit.