Cash out or hold equity?

[Mark Kao]

I recently completed the purchase of my 3rd sfh rental. As of now I have a total of 4 properties including my primary. I figure I have somewhere in the neighborhood of 1-1.2M in equity overall (300k equity in my primary and the rest in my rentals). If I do a cash out it'll obviously decrease the monthly cash flow which is really good at the moment. I've thought of a heloc but with the current market in Seattle as hot as it is, there hasn't been many attractive deals. I've always been pretty debt adverse, and like the idea of decreasing my mortgages even further, and waiting for a better time to jump in again.  Any thoughts?