I crunched the numbers on a napkin real quick and saw how I could pay off my home over a longer period of time, but reinvest the money from a cash out refi into other cash flowing appreciating RE.

There are many people who have been active in the game during that period that have made millions off equity alone.Find a deal, run the numbers, and if it works, pull the trigger.

We are hoping to hold it for the long term as we are in Austin suburbs where appreciation  has been great however not sure what our actual holding period would be. as we are going to be in the house for only a year or two before renting  I’m not sure whether I should spend that money in the house just to enjoy the new bath for a short time.

I signed a contract to purchase and in due diligence period.   

Some carriers are known for getting in certain markets, holding those accounts for a certain period of time, and then pulling back from writing anything in that industry for the next few years. 

I have seen some lenders offering as low as a 3 month seasoning period, but we tend to use lenders with a 6 month seasoning period (good lenders and it tends to align with our project timelines). 

They aren't allowed to profit from interest on the balance, for example, and they have to periodically audit the account, and refund you any surplus.

Found a food own today had “meat” on the bone and found out from realtor that in the “hidden” notes only he could see that were taking competitive offers over a certain time period.

It's a little more work to list out your CapEx expenses over a specified time period, but it may save you a serious headache in the future. 

@Gary Libero unfortunately you will have trouble tapping that equity for a period of time.