Hey Patrick, You can easily do a 1st mortgage refinance or 2nd HELOAN DSCR Cash out while keeping title to your property held in an S-Corp.

Fannie Mae (the Federal National Mortgage Association) and Freddie Mac (the Federal Home Loan Mortgage Corporation) are two government-sponsored enterprises (GSEs), established in 1938 and 1970, respectively.

You can take all of your extra money and put it toward your mortgage which will shorten your mortgage and save you on interest.

Secondly this mortgage is a big money maker for OCWEN, and its guaranteed by a first mortgage. 

We offer the mortgage investments to our investment group & service each loan. 

you said "rent covers mortgage." you need it to be significantly higher than the mortgage to cover all the expenses you are going to incur.hope this helps...

The house I would be renting has a current mortgage (including escrow) of $1,100 per month.

Quote from @TJ Dittmar: Covering the mortgage isn't sufficient.

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall loss.

Here are my thoughts:First, your 2.6% mortgage on the rental is an absolute goldmine—it’s a rate we’re unlikely to see again in our investing lifetimes.