The one I am currently working on will then  become a fixed 30 yr mortgage, and stop the draws/repayments.  

I noticed that a number of these had banks or mortgage companies listed as interested parties.

@Aditya MainiI think a mortgage bank would be your partner in the deal and underwrite it independently.

If I document all his payments and hand to lender, would this be considered income that can replace mortgage for approval.

Additionally, this would give you experience in property management, however, a bank might not like the fact that you want to use a loan product (HELOC) to open up another loan product (mortgage).

Our new rate would be 5.375 and would reset us to a 30 year mortgage.

I pay my fiances mortgage.

I pay my fiances mortgage.

The LLC has two other partners - both of the other two have decent income so together we qualify for mortgages no problem.All of that said, I’m curious if anyone can tell me how my credit reports this debt (I haven’t seen my credit report for a long time).

This would effectively eliminate or reduce your mortgage payment.