Next Step: Cash Out Refi/Refi as Investment Property??

[Ben Capone]

My buddy and I are on our second property now and eying down a third shortly. We currently have our first property as LTR that is cash flow positive. We are doing a live in-flip with our second now and expect to complete within the month. Judging by rental trends in the area, this property will also likely cash flow positive, however not as much as our other unit. 

We currently have conventional loans on both (put 5% down), but it sounds like we will likely have to explore other routes for our next one. These properties have appreciated very nicely so we plan to do some sort of cash out refi for the down payment for the next. However, after talking with a few people it sounds like we may have to also refi one of the properties (or both) as investment properties if want to still be able to reap the benefits of the low down payment conventional loan we've been using. 

1) Is there a limit to how many times you can utilize a conventional loan if we are doing live in flips i.e. considered our primary residence?

2) What would be the best strategy for our other units? Cash out refi? Refi as Investment Prop.? etc.

3) Appreciate any and all advice/tips as we are still learning and soaking up as much as we can along the ride. 

Cheers,

Ben