If you're looking to scale it could be worth while to sell and re-distribute that equity with the help of some save leverage. 

Would a cash out refi be under commercial terms since the property(s) are under LLC?

Let's of NYC investors look at other cities in NY, Rochester, Buffalo, etc... they can drive to them to see them, and they know the state well enough to feel comfortable.Most of the rust belt cities in NY offer cash flow as well. 

Purchase price: $275,000 Cash invested: $294,000 Sale price: $355,000 Seller was behind on pay HOA payments and in risk for losing the property.

:)  Is it still cash flowing after the refinance?  

My ultimate goal is to build a portfolio of cash-flowing properties to achieve financial freedom.I’m currently seeking mentors who can guide me through this journey and help me avoid common pitfalls.

Stay disciplined, focus on cash flow, and you could achieve financial freedom in 5-7 years.Good luck!

To be more specific about what i'm looking to do: My 1-2 year goal is to employ the BRRRR strategy with SFHs and Condos by buying distressed / highly undervalued properties that need work (preferably all-cash) in low crime areas with strong rental demand, renovate them within budget (again preferably all-cash) and get them rent ready before refinancing them at the highest ARV possible.

To move forward, determine whether you prefer local or out-of-state investing, cash flow or appreciation, and self-management or hiring a property manager.Good luck!

recovering this negative position can consume years of the actual cash flow when using realistic expense estimates.