Cosh out Refi Strategy for 1031 exchange

[Lane Kawaoka]

I have a 450k property that has 150k of equity after sales commissions. I want to use this to buy 2-4 rentals at 70k a piece. Could I buy 2 rentals cash (140k total) with a 1031 exchange and then doing a cash out a refi pull my equity out (leaving me 50k as down payments and 90k as the loans)?

Could I then just spend the 90k that I pulled out to go on a killer vacation or take my time to buy a couple other rentals with the 90k as down payments because it does not have to follow the rules of the 1031 regarding the timing.