Rolling two different mortgage into one - any benefits ?

[Brad S.]

Hello, need expert advise. I have 2 properties (with their own loan) and more than enough equity in one to cover the second one. The interest rate on those are high so I am going to refinance. I am debating if I should refi one with cash out and pay off the other. Other than the benefit of rolling in closing cost is there any other advantage / disadvantage of doing that ? Any tax implication. Both properties have been rented for more than 5 years.