Your blended rate will be better if you can leave a 1st mortgage in the 5s or mid 6s than doing a cash out refinance. 

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If you ever need help, I’d love to assist you in gaining more knowledge in real estate investing and blending your construction and remodeling experience for success in this new chapter.

Your blended rate will be better and you can focus on hammering away at the 2nd mortgage which is the higher interest rate. 

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I wouldn't touch your 1st mortgage unless the blended rate (Both the 1st and 2nd Position loan rate) is higher than a traditional cash out refi. 

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Your blended rate will likely reduce with each payment as well. 

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(Most Likely Double Digits)Your blended rate will be extremely comparable.