But they are very wealthy based on sales/refinances. 

Refinance the current properties with a DSCR lender.

But if you believe rates will go down, it’s a good time to find deals and refinance later at a lower rate.As for me personally, I’m also reevaluating the market to figure out the best investment strategy.

I am getting a hard money loan for the property under my LLC, but if I keep it I would like to refinance out of the HML into a 30 yr conventional load under my name.Can anyone give me a quick rundown how that would work?

Once we know that we'll need to know credit score, property type, purchase or refinance as starting points. 

I would suggest that if rates get to 2% below your mortgages you refinance them.  

If the rents are low and it's difficult to fill, you'd be better off selling the property.The value of the property will continue to go up over time, so I'd lean towards holding, but you'll want to look at the market you are in before committing to a long-term cash-out refinance.

I was going through a cash out refinance to use that equity to purchase additional properties for long term rentals.

Not only that, the borrower got a pre-approved term sheet for $750,000 from a lender to refinance the property!!!

We never took out the equity from the property; however, if I were to do it again, I would likely have done a cash-out refinance or a HELOC so you can pull out the equity and roll it into the next deal.