I have credit in the high 700s, I have over 10 units, have done several refinances and buy and holds.  

I suppose as interest rates decrease property value will increase when it comes time to refinance so maybe it’s not a huge deal - especially if I cash out some equity for my second multi family.

Also, on the refinance, I would have the same question about the term of the loan.

It's all come out via refinances and cash flow.

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If you use a HELOC, I would think about a BRRRR-ish strategy (No perfect BRRRR exists right now unless you go full off-market door knocking/postcard campaign/etc) to where you can refinance and get some of that money back, so you don't have $25k chunks of money at a 9-10% interest rate floating out there indefinitely.

In all my deals, I've left a few thousand after refinance.

Pay it off with a commercial DSCR refinance loan once you've gotten the rents up to an amount that will allow you to cash out on your HELOC.I like using my HELOC but only in short-term scenarios because it's a floating rate and I can't control when or how the bank will make adjustments to the payback variables. 

If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.DSCR lenders generally let you vest either individually or as an LLC.

Unlimited cash out (in hand) refinances.