First Refinance for Capital to buy

[Zach Hammel]

So my sister and I bought our first home that we are currently living in 5 years ago. We already refinanced once about a year ago but didn't take anything out. It was just to get a lower interest rate. 

So my question is would I be able to refinance again to get capital to buy a rental property? And how much could I expect to get do you think. 

We have about 127,000 left on the 30 year loan and the house was appraised at 209,000 when we refinanced about a year ago. I also have over 40,000 in a brokerage account that I'm thinking about taking some out of to put into real-estate. 

I'm very new to this but starting to read a ton on these forms. Any thoughts or advice would be great.