When you hit 20% in equity, either from paying down the loan...or from rising values, you could then get a new appraisal and apply for your PMI to be dropped.

My current property has about a 70% LTV and I have about $50k in equity.

That would be $140K in down payments on a conventional loan and $140K in equity.

Now have $60K to $65K in equity. 

Even though I have $50k in equity cash out loans typically only provide 70% LTV so refinancing with one will not give me much of my $50k and will just increase costs with closing and interest rate increases. 

Part of the reason a condo attracted me so much is the low barrier to entry, and the fact I could be building $300/month in equity on the mortgage, and still saving $250/month after mortgage, insurance and fees over the rent I am paying.In particular, the unit I have had my eye on is listed at $130k, currently rented at $1000/month.

Harb The question comes down to do you have them time, resources and skills to do everything from out of state and whether you can truly have built in equity by doing it yourself.

We're cashing out $300k in equity and our monthly payment dropped by about $200.

$200k in equity should be no problem.

I am not an expert investor by any means but I did make 60k on my first live in flip and my current house I am about to list has an estimated 50k in equity.