You can continue to operate and if there is no fire and no decks collapse you are fine. 

The fact that our current rate is only 3% doesn't help the refi situation, as we probably would not be able to afford (or would at least struggle to afford) the payment on the new mortgage with the higher rate and principal.I think the best way to max cash flow would be with a small multifamily that needs moderate rehab.

Assisted living has historically outperformed most other real estate classes, have maintained incredible occupancy rates (despite the COVID blip), and continue strong rent growth.

They're also going to struggle to maintain that much property without a lot of equipment they probably don't have.

I'm trying to decide the smart investment decision - continue renting it out at a lower rental rate OR selling it and trying to find a potentially better performing asset to re-invest those funds in.  

I’m at a stage where I’ve built a small portfolio and now I need partners/investors in order to continue my rate of growth. 

Will they still continue to assess for the new value? 

This helped us strategically reposition and continue growing our portfolios.

Any ideas on forming a new LLC with him to build vs continuing to loan him funds and dealing with the bank perhaps not liking this?

I understand fast solutions have slow problems.If I'm myself, I continue to lean into REI via BRRRs in growing areas of buying established but undervalue in very good areas to keep it a growing % of my portfolio.