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there is usually a blend most TK companies do keep some rentals. 

A blend of the two is ideal in the first few years if you are inclined.

AND, the blended rate between your current rate and whatever the HELOC would be, would still be less than if you just did 100% of the capital stack as a cash-out refi.I think of my HELOC like a low-rate credit card secured to my house.

This way you have the fixed rate on the mortgage if you did not pay cash and a variable rate on the HELOC that can adjust down if rates come back down rather than doing a cash-out refinance and locking a higher rate on all of the debt.Basically, the goal is to have a lower blended rate between the mortgage and the variable HELOC.Happy to help!

I just got a blended rate in the 4's. 

In the past I have used Lima One Capital to refinance rental units paid for in cash and they would lend on a unit as long as it appraised for 60K minimum if it was blended with other units that were above 100k. 

There's more to it potentially than above....I always suggest you have title company tell you what you need and who has to sign.There can be issues about when they purchased, do they have kids, do they have blended marriage, was there a will, etc.

By default, I believe all LLC's are initially classified as partnerships, but you can elect to be classified as an S-corp by sending in a form to the IRS.Also, if you have a separate bank account for the entity, this makes tracking income/expenses much easier too since it isn't blended with your personal account.

Also, a good installer could just mix the lots around a bit and it would blend out.