Real estate financing advice

[Marc Beaulieu]

I currently own five properties:  

Property	Appraisal Value	Debt	Equity	Rent	Mortgage, taxes, insurance	Cash flow
1	110,000	90000	20,000	1400	1100	300
2	250000	230000	20,000	1200	1800	-600
3	230000	100000	130,000	2125	1100	1025
4	230000	100000	130,000	2400	1100	1300
5	150000	50000	100,000	2000	700	1300

I bought my first property around 2011 and through rental income and my job have been able to save up enough money for a down payment on a rental property once a year using conventional financing. Over this time I have seen the benefits of implementing the BRRR strategy. Specifically, the benefits of buying a property with cash. Unfortunately I do not have the funds to do so. Two of my five properties are highly leveraged (1&2) but I have three properties (3-4) with enough equity to give me some choices. I see myself having three options:

1) apply for a HELOC on all three properties with equity

2) cash out refinance on all three properties with equity

3) sell two of the three properties

What would you do and why?  I am leaning towards a cash out refinance of all three properties as they should still cash flow with the larger mortgages.  If I go that route does anyone have any experience going through the process with three properties at the same time?

Thanks