Refinancing Out of Partnership using 30-year

[Thomas Smith]

I am currently in a 50/50 partnership on 2-SFH and 2-Fourplexes. The partnership has run its course and I am trying to buy him out for $40k. I would like to refinance these properties into a 30-year mortgage to increase cash flows. From what I can tell, Freddie Mac is looking to be the best option for this but I am not familiar with these mortgages and requirements for refinancing. Two of the mortgages were put into our personal names and two of them were put into the LLC when we purchased them. From what I have heard from a local lender, I would technically have to purchase the two properties that are in the LLC and could not do a simple refi since they are not in my personal name. This means I would have to have the 20% down, my $40K to pay him off, closing costs, and 6 months of reserves to show. Is this something that someone is familiar with and could explain the requirements for Fannie/Freddie refinance loans a little better? Am I correct in thinking I will need to purchase the two LLC properties instead of just refinancing them even though I am an owner in the company? Any advice on a strategy would be very helpful. I can possibly come up with the $40k to pay him but that would take out my options for having the 20% down.