If you are planning to use the cash long term, such as funding a down payment, then there is no harm in doing a cash out refinance. 

Don't do anything that will in the end cost you more money and place you in harms way.  

I’m new to this community, and I know there’s plenty of other people hearing all the buzz and wanting help getting started, but what harm could come from one more?

But if you're just looking for practice, there's definitely no harm in looking in other towns and analyzing deals there.

Free yourself, like a gazelle from the hand of the hunter, like a bird from the snare of the fowler.Proverbs 11:15: Whoever puts up security for a stranger will surely suffer harm, but he who hates striking hands in pledge is secure.Proverbs 17:18: One who lacks sense gives a pledge and puts up security in the presence of his neighbor.Proverbs 22:26: Be not one of those who give pledges, who put up security for debts.These say 1) don't risk too much with loans requiring collateral and 2) don't get a loan with a sketchy dude because you're going to get caught holding the bag.Romans 13:8, too:  Owe no one anything, except to love each other, for the one who loves another has fulfilled the law.This warns against debt that incurs an outstanding obligation.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

By being formally trained and educated in the space, agents understand the nuisances of theses practices and know how to successfully execute to qualify the tenants without causing any harm to their landlord client. 

Just because you list it doesn't mean that you have to sell it so there's no harm in trying at any time.

There are usually more restrictions, that come from good intentions, that will, in the long run, cause more harm to the housing market than good.

If they decide to get a new pet then no harm no issues.