You can also look to re-fi on the existing loan if you have a higher rate to get out some money and/or reduce your monthly debt.

These will be cashout refi type products and not revolvers, but they will allow you to keep your existing first lien in place. 

Traditional banks usually won’t do that on your first larger property, especially with a newer LLC, but alternative routes exist.

Is this still possible or in existence?

Its harder to find cash-flowing properties, and in some markets they are hidden gems (in need of renovations) or simply don't exist.  

Both will provide additional return from your existing home.  

Smith, Grantor, hereby sales and warrants unto Tom, LLC, a Limited Liability Company created and existing under and by virtue of the laws of Washington, whose principal place of business is 123 Smith Street, and Mike LLC a Limited liability Company created and existing under and by virtue of the laws of the State of Washington, whose principal address is 456 Jones Street, Seattle Washington 12345, Grabtees, as Tenants in Common.

If the house is sold, any and all liens on it would need to be satisfied prior to the seller get a single cent, unless you agreed to purchase the house subject to the existing liens (which you absolutely should not do).

MTR is decidedly less work, and with STRs saturated in my neighborhood this year and the increased need to differentiate in a crowded market, MTR is increasingly attractive. 

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