This is not optimal for return, but I have a similar issue with my properties that if there was not the recent interest hikes, I may have refinanced. 

i think it's because of the tremendous rise in home equity in the past 5 years.i used a HELOC to (1) help with a down payment on a short term loan, that I then paid back in full when I refinanced; and (2) to consolidate some higher interest debt, which I am now paying back by making extra payments against the principal since HELOCs are generally interest only for the first 5-10 years. 

Hello everyone,Relatively new RE investor here. I am looking to buy another property and I have the opportunity to work with a cash provider that is willing to put down a significant percentage of the money so we can ...

Refinanced into long term debt.

Conventional Rates are slightly higher than FHA, however the payment difference may be significant compared to refinancing into another FHA loan. 

This leads to issues with refinancing and could leave you with less equity or higher debt than anticipated.

We’ve always had the intention of cash out refinancing into another property once the time was right.  

Refinancing out of this interest rate to a lower one could be difficult currently but its a potential option in the future months.

Just so I am clear, you’re refinancing out of a portfolio rehab loan?

In your case, if you are borrowing the rehab money, I would reach out to lenders on here through the Lenders tab up top and get quotes on refinancing the property into a rehab loan.