VA loan cash out refinance advice

Howdy folks,

I currently have a VA loan on a property that I used to live in, but moved overseas for about 5 years and have been renting it out.

Since then the rental property value has made a significant jump ($250k to around $360k give or take). The current VA loan interest rate is a 3% 30 year fixed.

My question is: Does it make sense to do a cash out refinance (VA to conventional loan on the existing house) and throw the equity into a multi-family home where I reside in one of the units for a year?

That being said, is it possible to then take out a VA loan again on a 3rd multifamily property where I reside in one of the units?

Assuming a 7% loan on the refinance my rental mortgage should be about $2400 on an $360k loan; the house currently rents for $2000 and have had zero issues finding tenants. (I'm near multiple military installations, BAH here is $2300 for an E5 with dependents)

From an investment stand point, what would you do in this situation? It just seems like a waste to sit on so much equity and not do something with it.

Thanks so much!