Refi-Cash or HELOC despite rising interest rates?

[Josh Chastain]

I'm a relative newbie. In the past two years, I've added two duplexes in C areas that have positive cash flow. My goal is to try STR using a second home mortgage ideally. My situation is a bit different in that I work overseas and my housing is paid. My old primary residence (rented but doesn't cash flow -200 or 300 a month) has 235k of equity has 8 yrs left on a 15 yr and currently has a variable HELOC at 145k. I used this to acquire the two duplexes, pay cash, close fast, get a good deal, refi into 30 yrs. Yeah, I doubled paid fees.

I'm now in the process of refi cashing out the primary after finding a group to do it as my primary residence for 200k equity (keeping the monthly payment low so it breaks even or + cashflows) but now I find myself stuck in the paralysis of analysis. Here are the pros and cons I see. What am I missing? My overall goal is to acquire more and increase cash flow. 

I'm not interested in selling...I'd be crushed by taxes and it would be a place to live if stateside. 

No Refi 

Pros: HELOC remains, use for the downpayment on STR, riskier with a variable rate, HELOC is unable to access as much equity.

-  in 8 years, it'll be paid off, and obviously more equity 

- I could re-eval, when I return Stateside. It's nice to know I could move into the place and refi to a low pmt if needed 

Cons 

- missing out on investing 200k, really I just need to beat 3.375% return

Refi\Cash Out 

Pros: put the equity to work, I like the liquidity of cash and its tax-free, no worries about variable interest, acquire cash flowing STR property

Cons: pay 9k closing costs, the rate of equity build-up will dramatically decrease once its 30yr 

You made it through the post! Thanks for reading it and happy to hear any input from the more seasoned folks out there.