Paid cash for all our rental property....now what?

[Kevin Nichols]

Over the last few years, we have bought (and sold) rental property.  We have approximately 5 properties worth about $400K with no mortgages.  

I've considered cash out refi's (have done them in the past), but we already have other cash ready for any new rental property deals to come along.

So...what's the best practice when all your rentals are cash flowing well and you don't have mortgages?  Seems stupid to cash out refi.