The home also appraised for 125k after the renovations so I was able to pull out almost all of my money to buy another rental.

Any reason you couldn't pull closer to 60K back out on the refi with a traditional 20 or 25% down loan, or do you already know what your refi vehicle will be? 

I wanted to pull some equity out to buy another rental property.

It might work but it will take someone with experience to pull it off.

On an investment property; A SFR if you have #1-4 mortgages you can pull out up to 75% of the equity and a 2-4 units is up to 70% equity.

@Jon Horton I have been a turnkey buyer for a few years now, and my experience overall has been quite good on the properties I purchased, but there was also a deal or two I pulled out of when things were not going anything like they should.  

Markets, Personalities, Age (I too have been around for a while...with a birthday coming up still this month), goals, financial situations both current and changing, are just a few things that push/pull all of us in the direction(s) we take.I talk about leverage, but that is only a part of an overall plan.  

., exclude it from your 1031 Exchange) and you would pay tax ONLY on the amount that you pull out. 

Try a whole house air exchanger, they pull air out while bringing in fresh air. the one i linked to i have used in one of my units to meet the building code for fresh air, this one can handle a 2,000 sq' home. this may help and only costs a few hundred dollars.

For the house you're looking at, you can ask a real estate agent to pull historical comps for each year and look at those to understand the true appreciation of the neighborhood/house.