Hello All, I have a client asking if they could buy a portfolio of 5 properties (at a "packaged deal" rate) and sell off two of them to recoup some of the initial down money needed to buy them. 

Depends on the brokerage you have, but the one we use currently has a rate at 5.83% at 50% LTV.

You could buy a distressed deal, add some value (as a team), and refinance when interest rates are more favorable. 

Question: Should I collateralize the loan (if using private or hard money), or rely on roll-over loans (to maximize the lower points and 3-4% rate)?

If you are using RE investing to try to avoid going to school, your intentions are not in the correct place.

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There is no point refinancing the almost paid off property to buy another-just get a mortgage on the new property.hard money lenders are going to charge you a higher interest rate.

That is tight leverage for an investment 2nd position loan.A private investor might be willing to do it, it's not going to be cheap at all & will be short-term money & will not be a line of credit to take out at your liking.What is your rate on the 1st?

Raising your credit score will get you far better rates personally as well as with private lenders for your LLC. 

THe lender is a credit union and it is a conventional low rate loan.