Cash Out refinance on a free and clear

[Enrique H.]

Hi, 

What would you do?

I have 3 homes ( 2 with mortgage 1 free and clear)

If I refinance the free and clear I can pay off the 2 that have a mortgage. the number are as follow.

collecting $1250 from the free and clear. $975 and $1150 for the 2 with mortgage ( mortgage payment for the 2 mortgage is $1800). cash after mortgage payment = $ 1575

if I cashout the free and clear my payment will be $950 month for 30 year including piti. 

cash out will get $90k and will be able to pay off the 2 other mortgage. 

new cash flow $2425 ( minus pi and other basic expenses like vacancy capex etc etc. 

is this a good move? 

or should I just cash out and keep money in reserves? 

Thank you ( hope is not too confusing)

[Marc Winter]

Borrow from Peter to pay Paul.  Sorry, does not compute.