LOne common strategy is doing a cash-out refinance on one of your rental properties to tap into the equity.

How do I access equity spread across multiple properties?

If this property won't cash flow as a long term rental, you might want to sell and 1031 exchange into a more profitable property.

In some cases, after crunching the numbers, the profit margin was so slim—or even negative—that I had to pass on some promising opportunities.Here’s my situation: I currently own two properties—a primary residence and a rental property—both of which have substantial equity.

Unpopular opinion since I know you're trying to buy the next property, but keeping your equity in a deal is gold.

You didn’t mention the property or deal specifics, but for many deals in the recent years, there have been amazing and unusual gains due to multiple unnatural circumstances.

However, your issue would be lack of equity.

When there is a sum of money in the bank, I’d rather buy another property than pay for fire damage, and I’m happier with the insurance coverage.  

I purchased a two-family property in 2017 and now have around $500K in positive equity.

Reverse Mortgages (HECM or Home Equity Conversion Mortgage) can be a FANTASTIC tool!