Seems like you have everything down except for the refinance part. 

The way I look at it, the main differences being risk and taxation.Correct, except the more equity you have, the more you have at risk. 

A notable exception is the rapid appreciation in the last few years, summarized in the chart below.

@Jeffrey Radcliffe,A self-directed Solo 401k can be invested in virtually anything except collectibles.

Understanding the management terms, including fees and tenant handling procedures, is also vital.

A cash out could very well be 50% to 70%, (or they may not do cash outs) depending on the lender so you'll need to ask and shop  around.Each property must be appraised and title insurance obtained on each, so you're not saving much in loan costs except they may close as one transaction, filing fees will be applied to  each property as well.

There are exceptions (I have a family with three small dogs applying right now) but you have to know what you're doing.

The only exception is finding a drywall person and general carpentry person; that's the only jobs I try to find an individual person for.

Quote from @Erik Estrada:There's no prepayment penalty but the equity has not built up quite large enough yet except maybe for one since I have been adding alot of value to it however the rates are about the same so it wouldn't make sense now for me to do that.

It's not even possible to become a CPA without having at least an equivalent of a bachelor's in accounting (some minor exceptions).