should I refi or sell to buy more houses?

[Rich Waldis]

I have an opportunity to buy more college investment rentals, We currently own 4 and have about a 50% Loan to Equity ratio in 2 that we bought 4 years ago (if you believe Zillow). Prices seem quite high, which means we would get a lot for our current houses, but have to pay a lot for new ones too. The cash from selling 2 houses could get us up to 4 more houses.

Would it be better to cash out refi or sell the 2 with a high LTE? What would be your decision points?