Refi, HELOC, 3rd position

[Amy Yarnall]

We own a rental worth $220k. (Cash flows $400 per month.)

We have a conventional mortgage with $50k left to pay that will be paid off in 2025. We also took a HELOC loan to buy a second rental. That has automatically converted to a 10 year loan that is now at $40k. We have a strong credit rating. I would like to set up another HELOC, but that would be third position. Do HELOCs take 3rd position? If so, how would I find them?

Or....Would it make more sense to just refi both existing loans and then set up a HELOC in 2nd position?