Refinance LTV

[Alexi Meshkoff]

Hello BP

I bought couple of dozens rental properties, all cash. My main objective is cashflow. Now I think an average fair market value of my properties is about 20% up. I think it is time for me to refinance, so here is my questions. What is the LTV I should I be asking for? Should I pull out as much cash as possible, or leave more in, for cashflow purposes? LTV 80, 50 or any other number? My concern is that if I get as much cash as possible, reinvesting it into new properties will be not easy, because prices went up and getting a good cap rate is a challenge these days.

Also, should I be getting a loan or try to get a line of credit?  

Thanks