Cash out refi to buy other property
I am currently owning a rental property that is generating positive cash flow. It has enough equity that I can cash out if I refinance. However, with current interest rates, I will be paying much more in interest and it will turn into negative cash flow. My plan is to pay down for a duplex or quadplex with the equity that I can take out with refi. Then I am not sure if the overall ordeal will create some positive cash flow or not.
I would appreciate if someone can help me out run numbers and figure out what would be the best course going forward in terms of creating some cash flow as well as create value out of the situation.