Cash Out or Reverse Loans on Properties with Multiple Owners

Hi All, I have a few questions bunched into one post!

1. If I want to purchase an investment property with 2 partners, and it's all cash... Is it possible to cash out mortgage, or get an equity loan on it later on... if I only own 1/3 of the property?
2. If I currently have a HELOC on my primary residence of let's say $300k, will it be possible for me to get a cash out on my separate investment property or will the underwriters see that HELOC as negative, even though I haven't used the HELOC?

Thanks!
Kevin