Best use of Equity cash vs Tax Implications

[Joseph Quarto]

Hi all,

We have a multi-use building with a LOT of equity and only about $65k left on the 7 year mortgage @ 5.15%, due in 2018.  We want to buy with cash maybe a small duplex, where we live in & have a renter. If we were to pull a good chunk of Cash from the building out & buy the duplex, how is that money treated?  Can I get a 15, 20, 30 year loan on this refi multi-use with good terms?  We are retired., will that make any difference qualifying for a Refi? The building generates real good cash flow & we would likely keep it for a few more years.   

Any suggestions as to which banks to approach for this.

Secondly, does anyone have any suggestions for an Insurance company who cover older buildings in West Seattle markets.

Thanks for any pointers & suggestions,

Joseph