Refinance advice with a Heloc

[Robert Mayens]

Hello looking for some advice. 

I currently own a Beach condo with 3% apr attached to a second unpredictable variable Heloc loan. 

Should I refinance to combine both loans into a higher fixed apr 3.6% while taking out extra capital for a down payment on another property ?

Another lender is willing to refinance just the Heloc + the line of credit at 4.75 fixed apr.  

There is a tenant in the beach condo helping with the mortgage. 

Does this sound nuts or is this how the game is played ?