Take Initial Investment out From Rental property

[Hardeep S Raina]

Need Advise: I have a rental property in an LLC that i had paid in Cash to get the best deal and quick closing last year. Is it advisable to Refinance it and take my initial investment out so i can look for another "quick Cash" close deal?

Dilemma is that: 1) Leave the property alone as it is paid off and my cash flow is better but Cash on Cash return in low or 2) Take the money out and my cash flow will decrease but Cash on Cash return will be higher and I can invest the money in some other deal. Note: I really don't depend on Cash flow/income from this property as my full time job takes care of all the expenses. I just want some "Paid off" assets/properties as another investment/retirement bucket.

I also don't know if there will be any Tax liability if i simply take my own money out?

Thanks in advance