Cash-out refi rules for non-owner occupied properties

[Pearly Tan]

I heard on a podcast (not BP) that you will not be able to cash-out refi on any non-owner occupied properties once you hit 5. I believe she said this was with conventional loans. I can't seem to find any bank guidelines that support that statement. 

Experienced investors, can you please share your thoughts? If that is true with the above, then what's the point of having 10 golden tickets?

Thanks!