Regarding running model / proforma - simplest to create something in excel that you can adjust the numbers on.

My opinion, this is simplest approach, address the $ needed to make refi clear, and raise that capital.

Depends if you still want to be in "growth" mode, or if you just want to be financially free in the simplest way you can. 

You guys do an excellent job of having information broken down into its simplest form.

It's the deep breath before the plunge.In simplest terms; failure.But I/ we (my wife) are working on it.

And of course the simplest question is what if you don’t hire a PM?

 - Virtually all travel in the area requires boating, which makes even the simplest supply runs complicated - and expensive.  

Specifically, anything indicating that the lease is completed and both sides have no claims or issues with each other.There's no "standard" agreement that I'm aware of, but we've done a bilateral "Termination of Rental Agreement" when we wanted to document that a tenant has officially moved out, that there are no outstanding funds owed, and that there are no claims or issues.These agreements are particularly useful when doing "cash for keys" with a tenant.I would keep it simple: State in the document exactly what you want to establish as facts, and then run it by an attorney for good measure.I'd also recommend requiring the tenant's signature be notarized.

@Ben O'Neill  The simplest thing to do is specify under address the room and use of common areas.

If you want to keep in an LLC, DSCR is probably the simplest way to do this.