I think the LLC also makes it easier to open a local bank account, which is convenient to pay utilities or other local bills or your property manager, etc.  

This way, I can get the bank statements for the property and categorize and reconcile everything. 

When you go to a Bank or Credit Union, they can only offer you what products that bank or credit union offer. 

I would keep it in a high interest bank account might as well earn as much gain as you can no matter how small it is.However I think some debt pay down would be great not to the point where you are not liquid enough to Jump at another opportunity or can’t make a major repair when it arise.

It mostly means you don't want to deal with banks initially. 

I've done refis with section 8 tenants in the units from traditional banks and dscr lenders.

We have a 3% rate so dont want to refi but the property has appreciated quite a bit so would like to tap into that equity to fund our next deal.I am having some trouble finding lenders that offer helocs on investment properties.Does anyone know of any banks and/or lenders that do helocs on investments?

if so what bank? 

You would want to look for an owner that has a loan through a bank or credit union or one that has no mortgage. 

We have had our first bank valuation done on a property in Peniche.