Pulling equity out of rentals

[Adam Craig]

Right now I have 10 rental properties - each with 30-50% equity. I am in the Cleveland suburb market so home prices are defiantly not overvalued like some markets.

In terms of maximizing returns on available funds, is it always a good idea to pull out equity to reinvest? I do have time on my side (27 years old). Seems like refinancing around 5% is a good deal all day long because I can reinvest with a much better return.

I understand lenders will only do 80% LTV. What kind of other costs/pitfalls should I be concerned with.