Asset Rich and Cash Poor LLC

[Sandra Roddy]

Recently, I took over management of my elderly father's real estate portfolio (i.e. mainly single family homes).  All of his properties are paid off, but most have deferred maintenance which I would like to address.  Among several things the most common items are things like roofing, HVAC, paint, etc..  

Currently, robbing Peter to Pay Paul has been the name of the game for the last few months. This strategy is not sustainable. All of the properties are now part of a newly established LLC and all the properties have been deeded over to the LLC.

What is the best way to go about pulling cash from a couple of homes to make the necessary upgrades which are needed in some of his properties?  Such would be instrumental towards commanding top rental returns, minimizing taxes and establishing better operating procedures.

So far, I have gone to two of my local banks but they refused to do business with me since I do not have two years worth of tax returns.  Also, I tried a couple of local mortgage lenders but they were not interested.

At this point, alternative options are needed to be able to grow and establish the LLC. Has anyone gone through a similar scenario or have advice? I have rent rolls for the properties and can provide rental history.