As far as I know there isn't clear guidance on this topic from the IRS, but most professionals take a similar view as Melanie above.

Readers should seek professional advice.

Given the low LTVs and the significant appreciation your properties have experienced over the years, a cash-out refinance could be a viable strategy for you.Here are a few reasons why this approach might make sense:1.

It’s advisable to consult with a tax professional or financial advisor to determine the most appropriate approach for your circumstances.

I don't recommend financing 100% of the deal unless you are experienced and really know what you are doing. 

You need to work with an experienced insurance broker who knows HOAs.  

@Alex Del Rio welcome and congrats on Real Estate Professional Status (REPS) this brings with it a lot of tax benefits that you didn't have access to before.

Have never worked with them, but they respond professionally to everything posted about them here on BP and don't hide from it. 

Many many many traveling professionals travel solo.

Lived in upstairs unit for 3 years, then rented both units out for the next 12 or so years Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?