How to use the cash-out refinance to maximize the return?

[Tony Zhang]

I want to do the refinancing for one of my property, I purchased it a year ago for $220k with mortgage around 150k, now its market value is around $300-$320k. If I do the cash-out refinance, I will get at least $80k. What can I do with this money to maximize my return of the cash-out? Should I use this money to purchase a new property with all cash offer of $80k or using this 80k as a down payment to purchase a larger property such as a multiple family or commercial property?