Here's the situation: I have a rental property which isn't generating much income compared to its value. For various reasons (capital gains, etc), I don't want to sell. It's currently worth about $725k and the mortgage on it is down to $165k. It is generating $2400/month in rent, HOA of $125/month, property mgmt of $190/month, very stable tenants so don't really want to raise rent until they move out but haven't raised rent since they rented in 2011.
Does pulling out the equity via a cash out re-fi make sense? I would use the cash to make downpayments on other investment properties and then finance them separately.
I guess I could also consider a 1031 exchange, but I'm not sure what to look for in that price range. I'd like properties that are cash flow positive, but at the higher end of the market not sure where to look (apartment buildings or commercial I guess?).