Former Primary Residence - 200k Equity - Cash out Refi or Sell?

[Matthew Silva]

Looking for some suggestions on my first property. I've owned about 10 years. Paid 80k. 8 years remaining on 15 yr conventional @ 2.99% and $49,500 left on the mortgage. I have just completed the following: New roof, new tile floors, 2 new bathrooms, quartz countertops. Basically everything. Nothing needs to be done. Valued at about $250-260k on the local market (Broward County, Florida). The unit is currently vacant as I complete renovations. This is no longer my primary but I do fall within the 2 out of 5 rule in regards to the tax situation. 

This townhouse will get about $1700-1850 per month rent. 

P&I + Escrow + HOA = $1,265

Would refinancing to a 30 year loan with higher interest and cashing out about 100-120k for a triplex/quadplex be a good path? Should I sell and take the 185k or so after RE commission?

On a side note, my partner has a duplex and we are getting ready to construct a new duplex on the same plot of land (total of 4 units), so it is in our goals to have additional properties and cash flow, but is it worth the lengthy loans?

Thanks in advance!