When/If to Pull Out Equity?

[Steven J. Umaña]

I'd like to hear any strategies/philosophies regarding pulling equity out of your property to finance renovations or another acquisition. Obviously, the answer to the question "When do I pull out equity?" is completely dependent on all sorts of facts and circumstances surrounding the property and financials. Note: My current strategy is the accumulation of passive income multi-family rentals. 

So, does anyone have any strategies/philosophies they'd be willing to share? Anything from big picture stuff to small picture stuff. I've never pulled equity out of a property, but have always thought to do so to grow my portfolio. The question is..... when?

Thanks in advance.