how many times can you cashout refinance on a property?

[Ayman El-Maayar]

how many times can you cashout refinance on a property before it becomes counterproductive and the cost of the money you're taking out becomes expensive? Does the interest of the equity you're taking out cause the mortgage payment to rise? Obviously the rule of thumb here is to make sure that as long as the property you're buying with that equity you're taking out is going to generate more money, you're good (ex: granted, for the sake of example, you have 9% cash on cash, you pick up 5% on appreciation and 5% depreciation). 

But my question is is that wouldn't that equity catch higher interest rates. And in most cases is the mortgage payment interest fixed?

Just a couple loose screws I'm hoping to understand, thanks.