Refinance Options for SFH Buy & Hold

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I'm beginning research on a particular strategy and need advice. My strategy is very common, but it's to use HML to buy and hold 1-4 unit homes then refinance and use equity to purchase another. While analyzing deals that would work for me, I'm not sure what the best one is in terms of refi options.

Do banks consider ROI or appraised value?
How is the equity most commonly used for another deal? Line of credit, cash out refi?

I realize these answers could easily be found online, but I'd like to hear from you all too as I learn the process. Thanks!