Multifamily investors: how much do you refinance?

[Rich C.]

For multifamily investors, I'm curious as to how much of the property value you prefer to refinance?  For example, do you refinance just enough to take the cash out of a deal?  Or, do you always take the maximum allowed by the bank?  Or, do you find it is situation dependent (i.e. where rates are or if more steady income is desired?