Help, financing question

[Justin Mathews]

I have a choice to make on a cash out refinance. I have a house that rents for $2,100 right now and is stable. The house is paid off and I love getting the cash flow. However, I have a commercial property that needs a new roof and repairs right away. My plan is to do a cash out refi to unlock 75% of the $300,000 of equity that's in the house. This will cover my repairs and leave me about $55,000 to invest in another deal.

Here's the question...

1.

I can take out a 15-year loan at 5.5% with a payment of $2143 with taxes and insurance included which would put me at about break even but pay off sooner and have the least amount of interest.

2.

Or I can do a 30-year loan at 6.6% and have a payment of $1783 with taxes and insurance and cash flow positively by $317 a month.

I have a W-2 job and do not plan on changing that in the near future so I just reinvest the cash flow each year and am building equity. Also I will be 60 years old in 15 years so having all my property is paid off at about that time would be a benefit from a cash flow standpoint when I may need it more. All that being said, something in me is leaning towards option one so that I continue to cash flow a little bit. I would like to be able to live on my real estate cash flow before I turn 60 if I can put together enough properties.

Which loan would you take?

Thank you!