Should I refinance or not? LLC or Umbrella insurance?

[Kevin Jung]

I purchased a townhome in TX last year. Purchase price: 300K, with 10% down on 2.25% with my Mom and my name on title/loan. Currently, 3 friends paying rent which covers the mortgage. Plan to rent it out to 'actual tenants' (not friends & family) sometime next year in summer.

So I am paying PMI right now. The comp shows exact properties like mine are being sold for 400K right now. Which just gave me 100K equity. I know the rates are still low right now, but no guarantees for next year or so.

So the question is, should I refinance it to pull equity, get rid of PMI, and transfer the title to myself or LLC later? (or should I use portfolio lender to just refinance as LLC in the first place?)

Is it worth the risk of losing the low interest rate? My CPA suggested it would be better to keep it as it is and should be fine renting it out with my mom and my name on it and just getting umbrella insurance. Any suggestions?