Depreciation and refinancing

[Steve Maginnis]

Hello all. I have a fourplex that I only owe about $20K on. It is a C property and I've been owner financing it since I bought it 15 years ago. My understanding is that once I have fully depreciated a property, it does not make financial sense to keep it, but rather to sell and roll it over to another property. I had been looking forward to paying it off so I own it free and clear, and figured I would be able to sell to pay for my son's college, LOL. At any rate, I've recently thought about doing a cash out refinance on the property to pay for upgrades(central heat and air, kitchens, baths, etc.). My question is, is there some way to do this cash out refi (maybe by transfering the property from my current LLC in to the name of a new LLC) and restart the depreciation clock? I hope I've been able to describe this adequately.