Refi dilemma on my BRRRR

[PJ Booth]

Hi Everyone, I'd like some input. I have a BRRRR (SFH converted to 2 almost-everything-new units) in DC that has taken a year to renovate. Spring 2021 initial numbers were run expecting 9 months carrying cost, lower rehab cost and lower interest rates at refinance. I've got way more cash in the deal than I had hoped (actual cash and unsecured cash). It looks like I'm gonna get the rent projected which is the highest I can expect for now for a LTR. Over time, the assumption is rents will go up and one day interest rates will go down. Here's the refi question: Would you refinance at 75% LTV to get cash out which will mean a negative cash flow (negative for me means a big bite out of my 15% of rent set aside for vacancy/CapX/repairs) and pay the unsecured debt, OR would you refinance at rate and term which is almost break even income/expenses (for 2022) and pay the unsecured, even higher interest debt out of pocket. My ideal is for each property to cashflow and cover itself but...I have 2 other BRRRRs being refinanced at this same time. One will cashflow at my higher target and the other well above SO, taken together, I have 2 properties to cover this problem one if needed. I don't need my cashflow to live and earn enough W2 to carry a sagging property or 2. Cash reserves are my minimum threshold. What do you think??