How to lower LTV by adding properties to an LLC

[Reid S.]

I am trying to obtain a HELOC on my primary residence and I'm also trying to obtain a cash-out refi on one of my rental properties (with the intent to reinvest into another property). I currently own 4 single family homes (1 primary residence + 3 rental properties) in California. I am a W-2 wage earner. The titles and mortgages are currently all under my name. So I currently have (2) different LLC's constructed that cover the management of my rental properties (but I don't have the titles or mortgages in the name of the LLC's). One of the LLC's is owned by my wife and I equally. The other LLC is owned by my wife and I at a total of 50% ownership and another husband/wife for the other 50% (this is for only one of the rental properties).

I was told by the HELOC company that my LTV is at 73% (needs to be 40% to 45% to obtain the HELOC) so I am being denied opportunity for the HELOC, as well as being denied the cash-out refi of my rental property. I have been paying the mortgages out of my business bank accounts for each investment property since the original purchase of these properties.

I was told by a mortgage broker (that I'm trying to get approved for the cash-out refi with), that I need to transfer my titles for the rental properties into my LLC's, so that they don't count towards my LTV. The following are my questions regarding this process:

1) Do I need to transfer the loan and the mortgage into the name of the LLC for this to work?

2) If I have to refinance the property to add the mortgage into the name of the LLC, does anyone know where I can get a loan rate at a 30-year fixed rate that is similar to a conforming loan rate for an individual (I'm currently seeing rates of around 4.5% if I refi and cash-out under my name)?

3) Lastly, I am renting the rooms out individually for these homes and only have month to month agreements (not technically leases), so I'm not sure how to "pass the test" when the lender asks me for a copy of my tenant leases (the agreements state on the bottom that they are not leases). I can show that I'm putting money into the bank every month for years on end, but don't really have a LEASE agreement with tenants.

Help on any of the items above would be awesome!