What to do when you're equity heavy?

[Brian S.]

I am trying to become more strategic with my real estate portfolio.   Right now I have ten rentals that are paying me around $50k/year in positive cash flow after fees and expenses.  About $62k per year if you include the principal of the loans being paid off.  

I was analyzing my equity and realized I have around $1,000,000 in equity right now.   I feel like I am not taking the most out of this opportunity as I just have a property manager that does everything and I enjoy the monthly income.  I have always been a very conservative investor, putting at least 20% down on each property I acquired, but I can't help but wonder if I am leaving a lot of money on the table.  Feel free to be honest or blunt with me.  I want to know if I am doing this horribly wrong, haha. 

What are my options right now?  Should I re-finance and pull some money out for a bigger deal?  Sell all my properties and start looking for something commercial?   Just interested to hear what others have done that may have been in this situation or would do if they were.  Thanks for any input.