I'd vote against refinancing into a higher rates unless it truly makes sense. 

We then refinanced the property and it has given us $140k in cash back and continually produces $1,800/month in cash flow. 

Determine if refinancing to a fixed-rate loan with a lower interest rate is possible and would improve your cash flow.

I don't know if it's easy to switch as the LLC is newly formed, without any tax/income historyAny other way around re-financing?

I am helping a private lender out right now with refinancing their borrower out of there private note as it was over leveraged.

Its generally going to be more cash flow for the first 10 years with no principal payment due - that flips in year 10+ to less cash flow (but most people assume refinanced by then + rents will have likely increased).Property Taxes / Insurance irrelevant here because they will be the same whether you do fully amortizing or interest only

It will lower your rate and help you cash flow a bit more, and if rates do come down after that period is up, then you can look at refinancing. 

Property to be refinanced, sold or exchanged after 5 years.

Why are you refinancing only $50k out instead of your total investment of over $68k?

We are keeping it for two more years (refinancing now), to see what a five year window brings before we pull the plug and stay local.