Opinions please. Duplex rent and hold/owner occupant

[Robert Obniski]

Hey Everyone. 

It's been a little while since I have made any posts on this site. Between moving, rehabbing, and getting married.. it's been a fun ride.

What brings me back to the site is that i'm moving on to another phase of my investing career and looking for thoughts and/or wisdom.

I'll layout all the info and give you the play by play.

Currently I own 2 properties out right. A duplex and a Condo.

-The condo is strictly a rental and is valued around $70k

-The duplex is a rental and a owner occupied. Valued around $270,000 We'll call this one Yellow.

I have the opportunity to purchase the duplex next door to the one I am occupying. We'll call that one Blue.

 -Blue has a accepted offer of $217,500. Valued around $235,000

My wife and I have recently moved. Never had any real credit established. Started our Realtor careers. Just got married. Etc..

The Goal: Cash out $205,000 from owner occupied yellow while taking out a mortgage to purchase Blue.

After meeting with a local mortgage company, we found out the only way to cash out was to get a co-signer for yellow. And to get a co-signer for the purchase of Blue. The cash-out money is to re-pay the only people that would be willing to co-sign. They weren't willing to co-sign...

However, after meeting with a local bank who has been good to me, my wife, and our families we were offered the following terms..

Yellow: Cash out $205,000 at 5.25% - adjustable rate. (Fixed for 36mo, no cap.) 25 Year mortgage. No penalty for early repayment - refinance allowed after 1yr, but have to pay 'transfer fees'

Blue: Loan full $217,500 while using my condo rental as leverage.  Same terms..  5.25% - adjustable rate. (Fixed for 36mo, no cap.) 25 Year mortgage. No penalty for early repayment - refinance allowed after 1yr, but have to pay 'transfer fees'

Today my guy at the bank asked if I would mind to put it all under just 1 mortgage. I'm not sure if I want all 3 properties under the same note, seeing as they currently aren't under a business name but will be in the near future.  

Thats it. Give me your thoughts comments concerns questions, anything. Should I keep them separate or all under 1 mortgage? Is there anything I should know that i'm not doing right now?

Look forward to the replies