But then I refinance for $120,000 which would free up approximately $55,000 which is great, but then decrease my cash flow to only around $250/month after refinance.

You can do this through increasing rent, or decreasing expenses.

Paying myself a rent should help me realize some depreciation and decrease my tax bill, since my commercial building on it's own is not generating any income currently. 

@Caleb Anderson Knowledge decreases risk.

Can you explain why increasing debt/mortgage (Cash-out) that will ultimately decrease your cash flow in that unit is better than just letting that equity sit to obtaining a higher cash flow from rent?  

With four members it dramatically decreases the costs associated filing with your state and paying a lawyer to set up an operating agreement.

Hey fellow pocketers, so I’ve been pretty interested in buying my second investment property in my first year of investing, my first one has been quite successfully so far so I’m really feeling the pressure on propert...

For example... if I were to increase the rent 1000 per year and decrease expenses 1000 per year... how many months or years would I be required to maintain this before being able to sell a property for an additional 20K in a 10% cap market?

As your portfolio grows, your risk will diminish because the chance of an anomaly (like a 100% vacancy rate) affecting you greatly decreases.

I envision these to be small groups that would meet outside of REIA for the purpose of holding each other accountable for goals; offering specific suggestions to improve the members business, etc.As Rehab observed, the membership in Ohio is also decreasing.