Refinance Rental Property Central Florida

[Cesar Ramirez-Fajardo]

Hello all. 

My mother currently has a condo as a rental property with a 7% interest rate from 10-11 years ago. Currently she is in the process ofrefinancing but is not sure about refinancing for 30 years or 15 years, both fixed rates. 30 years at 4% and 15 years at 3.5%. The cash flow from the 30 year would be better but obviously the 15 years it would get paid off faster. Not sure on what to advice her. She also has 30k from down payment in the property. Should she take that money out as well with the refinance? 

Thank you.