Multi-family Refinance Question

[Moises Correa]

Hi everyone - I wanted to get some thoughts on refinancing my first property that I purchased in Chicago in July 2020 (it is a 3-unit building and I am living in 1 unit). I financed the property using (i) a conventional loan and (ii) a HELOC on the property that was drawn at close (there are two separate mortgages on the same property).

My plan was to refinance into a 30-year fixed rate product that repaid both existing loans and also take cash out of the property if possible to help fund my next RE investment.

I have been going back and forth on whether to lock-in a 30-year mortgage (loans available up to a 75% LTV) or refinance into an ARM that would allow me to take additional money out of the property (loans available up to 80% LTV). Depending on the appraisal and the loan option I choose, the cash out amount could range from $0 (low appraised value + 75% LTV fixed loan) - $80K (high appraised value + 80% LTV 10/1 ARM). The property value is estimated at $600K - $650K.

There are clearly pros and cons to each side, but any strong feelings or advice from the group would be appreciated! 

For reference, the loans I am considering are listed below:
30-year fixed @ 3.75%; no cash out
30-year fixed @ 3.875%; cash out up to 75% LTV
10/1 ARM @ 3.375%; cash out up to 80% LTV