Commercial Refinance with an LLC - Am i missing something?

[Pat Mcchesney]

I have access to an off market commercial property with a bunch of moving parts, was hoping I might have some more seasoned investors take a look and make sure I am not missing something. 

- Tax Assessment (little to no comps in area) - $1,400,000

- Purchase price 975,000 with 5 year seller financing 0% interest with a 5 year balloon. 

- Last years rent roll and expenses are actual and assumed to stay the same for valuation (legal and utilities are a little high, tenants pay electricity only) 

- Tenants have been in the facility ranging from 3-15 years, as of right now 1-7 are on a month to month with stated rates, unit 8 would go on the market once purchased. Ultimately would like to lock in longer term leases to reduce turnover 

Cant help but feel like i am missing something in my evaluation? Also, is there a vesting period before an LLC can refinance a property or is it strictly based upon LTV? Might it make sense to refinance earlier and pay off the seller financing (owner is on the older side and looking to offload the property) and increase cashflow?

Thanks,

Pat