Equity shifting to balance portfolio LTV

[Matthew McNeil]

We all know about Cash Out REFIs or HELOCs used to purchase other RE assets.  However, has anyone done either to balance out their portfolios LTVs?  A recast would be the best mechanism to accomplish such.  Cash-Out is used for a principal paydown on another asset within the portfolio resulting in re-amortization of that asset at a lower mortgage payment. 

Example, I have a handful of assets some of which I've paid off (resulting in high CF) while others maintain an 80% LTV (with low CF). Has anyone heard of moving equity from a paid-off asset and using it to lower the LTV on another asset for the purpose of preparing for a possible downturn in the economy that might result in a lowering of rental prices?

My question relates to balancing a portfolio.  People may write how dumb it would be to cash out a paid off asset to re-amortize another asset carrying a 4% loan.  I get all that. However, I’m looking for making some adjustments to better position the debts of each asset within the portfolio.  

Any thoughts?