When to refinance and what to do with the money?

[Casey Walker]

1. When to refinance?

2. What would you do if you where in my shoes, as far as refinancing?

3. Is there a set amount of time I have to have my units rented before I should refinance? 

I have two properties and four loans: 

My personal house is worth around 300k I have a mortgage for 120k and a HELOC for 120k that I used to remodel my personal house and my duplex. 240K total owed = 80% LTV. Monthly Mortgage payment including PITI =$1,200 on a 30 year loan at 3.75%. Monthly HELOC payment =$1,200 on a 20 year loan at 5.5%.

My duplex is worth around 300k I have a mortgage for 150k and private loans totaling 50k. 200K total owed = 67% LTV. Monthly Mortgage payment including PITI =$1,400 on a 20 year loan at 5%. Monthly payments on privet loans = $500 interest only At 10% these are one year loans that I would like to pay off as soon as possible. One side of the duplex is rented for $2,100 and the other one is rented for $2,400 = $4,500 in total rents.

Our goal is to BRRR the duplex and buy another one.

My thoughts are to refinance the duplex and use that money to pay down/off my HELOC but leave it open that way when I find the next property I can use that as my down payment.

Thanks for your time!