Should I cash out refi on my primary home to pay off my two rentals?

[Molly Plude]

Hello, everyone!

I'm having a delima here. Just a little background, we are big on long term and big on passive income. It's very hard to find good deal now a day. While waiting, we are thinking if we should do cash out refi on our primary home to pay off the two rentals since we have so much equity in our primary. Here's the math, if we do cash out refi on our home, the payment would goes up $700 more than what we are currently paying and of course the year term loan goes from 7yrs to 30yrs. The upside, we will be loan free and clear on both rentals and cashflow for both would bring in $1950/month. Of course these two rentals have very good interest rates, but if we want to invest right now, we won't even break even. So should we or shouldn't we not and why? In addition, what will happen to the tax write off since both properties are paid off?