Converting Conventional to Portfolio to get around 10 limit

[John Tan]

I am working on converting my conventional loans to portfolio loans to get around the 10 mortgaged property limit.  From what I am reading, it doesn't matter how the loans are financed (ie conventional or portfolio), if conventional lenders find you have 10 or more properties under mortgage, they won't lend you.  However, since my portfolio lender does not report to credit agencies, so if convert the conventional loans to portfolio through them, my credit report won't show I have 10 or more properties under mortgage and I can still get more conventional loans?  I just want to verify if this is correct and if anybody had experience with this?   Also, if I get a Heloc on a free and clear property, does it count as a property under mortgage once I open the credit line or only if I draw on it?