advice on combining two loans

[Heather U.]

I'm not familiar with the loan side of rentals. Hoping someone here can help. We have a sfr paid in cash worth $150 and another sfr with a loan of $80,000 and worth $140.  This one has an interest rate of a cruddy 6%.   We owned them both just over 1 year. We are looking at cash our refi the paid off property and trying to roll in the second property to get a lower interest rate and also take a little equity out if possible. Is this possible?  Does it make sense (or is it best to just keep them both separate, thinking we save on closing costs if we do one loan???) Once you combine the  loans and have one big loan for 2 house how do you keep track how each house is doing? I like having everything separate and tidy. tia!!!