Protecting the cash proceeds from borrowing against your properties is far easier than structuring the mortgages. You wouldn't normally equity-strip your properties until you're in crisis mode and foresee a judgment. Only then would you complete the loan and transfer the proceeds together with your other liquid assets to an international protective entity. Or you might convert the proceeds to exempt assets. We wouldn't use limited partnerships, LLCs or other domestic entities to shelter the loan proceeds because at that point in time such transfers would be susceptible to fraudulent transfer claims.
However it's structured, the ultimate gameplan, once in a crisis mode, is to transfer your domestic (U.S.-based) assets to protective entities (i.e., FLPs, LLCs, corporations, etc.) and fully secure your assets to mortgage holders so there is little or no equity exposed. You then transfer the loan proceeds to an international trust, international LLC, self-protected investment (i.e. international annuities) or through all or some of these layered entities and firewalls.