The monthly interest expense on that would be around $1,400.

It depends on the lender but at a min they must follow TX SML or lending laws in the state in order to compliantly lend in TX, on whether choose to apply this guideline to all types of occupancies or transaction types (non owner investment, second homes/primary residences, etc)80-85LTV on rental properties is only on the purchase for fannie/freddie loans but on rate term refinances its max 80% and cash out max 75% for 1 unit and up to 70% for 2-4 unit cash out conventional.On HELOC's and rentals are up to 70-75% depending on the HELOC investor or product.Its good to distinguish between what the lenders are willing to do and for which product and also these loan products must abide my state law as well as an additiona layer of "overlays," on top as well (whichever is worst / most conservative).

Will this cash out has any tax implication on the 1031 exchange already completed?

Quote from @Anish Koshy: I recommend you listen to David Greene's Podcast on YouTube.

Got divorced at that time which threw a wrench into plans so rental was put on a backburner.

Heidi Pagano at C2 Financial is amazing to work with, patient and knowledgeable on all types of loans.

Also it would be worthwhile to speak to a financial advisor on how to best diversify your portfolio and maybe you can even use your currents investments to get loans for real estate. 

That is true for maybe 1 percent or less of the wholesalers who try it.When you are new and you ask for a wholesale mentor online, you are going to get every pitch, course, guru sell that there is.

Quote from @Jake Handler: I am under contract on purchasing an off-market home, seller finance in North Jersey. 

As such my market research is based on longterm rental criteria.