Refi rentals to pull cash out

[Sarah Herzog]

Some background. We have two investment properties and our primary (which will also eventually become a rental). We buy as primary residences,  live in, renovate, rent out, buy again with a primary and repeat every few years. We’ve now been here 8 years and while I’m ready to move we are 2 blocks from the Atlantic Ocean and my kids and hubs have no desire to leave our neighborhood for the foreseeable future. 
My husband wants to pay off rentals I want to keep them highly leveraged and keep cash in reserves. 

Some info...
rental one - owe 103, at 4.65% valued 195+, 12 years left, I’d like to pull out 25k and refi at 30 years, 3.625%. 
This does two things... puts roughly 22k in our pockets for cash on hand and lowers payments to create about $370 a month cash flow. 

Rental 2- owe 134k, at 4.5%, 22 years left. Valued 235k. 
again refi at 3.625%, 30 years, take 30k out in cash and put in reserves. Property would still generate about 380 a month in cash flow. New Payment would remain same as current  mortgage. 

Primary residence is at 2.99%, 30 years, 240k. Valued at 450k. 
so I feel like we have a situation where we should take out as much cash as possible against the rentals stash it aside to use as a down payment on another investment property since we won’t be moving anytime soon and won’t have the benefit of buying our next property with a primary residence mortgage. 
money is cheap now and to keep cash flow at 750/month abd put 50k in a reserve account just makes sense to me. My tenants are financing our investments... 

what do you guys think?