Refinance and Heloc Questions

Obviously I need to actually talk to a lender about this but looking for general information on how this could/would work. 

I have a 1st Mort on my PR, balance of about $97K, I also have a $50K Heloc with a Balance of $48K (served as a 2nd initially but has been used for a New Deck, Roof, Heat/Air Unit, etc over the years so I haven't hardly reduced the balance). 
I'd need to get an appraisal to get accurate current value but last value for Tax assessment was $180K which I feel is likely low. I'd say $200 is safe. 
If I were to Refi with the intention to get cash out to pay off the Heloc, and any more I could to get some cap to use towards an investment property, the likely max Refi will be 70% LTV correct? So only $140 which doesn't even pay off the Heloc.
If I were to attempt to do this would the lender (doing the Refi) likely want to pay the Heloc lender directly? Would the Heloc likely have to be closed or would I still have access to it? 
Bottom line if I did a Refi that gave me just enough to cover the current 1st and the Heloc what are the chances I'd still have access to that Heloc to use for REI?
I know too many variables and I need to talk to a Lender, just wondering if I'm just basically living in a dream world that this would work out to my favor. Maybe a Home Equity Loan consolidates them and I get cash out? Again is it unlikely I'm able to keep the Heloc as well though? 
Thanks