Converting home equity loan to regular mortgage?

[Susan W.]

Hi BP community,

I'd like to tap my home equity to invest in a small MF and assume a home equity loan would be better than a HELOC given the rising rate environment. My questions are
1) is it possible to get a home equity loan if I have two existing SFH mortgages (one property has substantial equity, the other has zero equity - purchased at the beginning of the year as a primary and renting out the other with +CF).
2) assuming yes and the MF has + cash flow within a year, would I be able to convert the loan to a regular 30-yr mortgage within that year?

If you have suggestions on better creative financing, I'm all ears. Thank you!

Susan