That lengthening of the term and lowering of the interest should improve my cashflow. 

My thought is that 2 free and clear properties and lengthening mortgage to increase monthly cash flow will open more opportunity to purchase more properties.  

I also have a 30 year 3.5 quote, but I'd prefer not to lengthen my loan duration.

If does, it could lengthen the process before you can obtain it.

The permitting process timeline has lengthened because of COVID situation so I'd be wary or at least account for that in an offer price.Buy & Hold is generally a less risky strategy as you would hope to purchase at a good price(min 10-15% below current value) and be able to absorb any market fluctuation over the long term if there were to be a market adjustment.These are just things to consider and unfortunately there's no way to say for sure.

I was sitting here reading the news this morning and lo and behold I see the US government is close to pushing another stimulus package as well as lengthening the “no eviction” mandate to the end of the year.

We can't stop uncertainty, but we can (and must) be prepared for the worst foreseeable scenario.Secondly, if you're buying for cashflow and are reasonably prepared for nonpayment or taking on new tenants at a reduced rental rate, then a drop in prices really translates into a lengthening of your timeline.

@Ursula Leake, with a refinance, you're ultimately going to impact the equity you have in the loan, lengthening the time to pay it off, or in some cases pulling equity out to spend now.

The down side is that it may lengthen the time to get an offer.

If I decide to lengthen my vacation 10 days Im not going to worry about it.