These appraisals should reveal both an opinion of value, and let you know ahead of time if you will have issues selling and/or refinancing them.

Have you thought about refinancing it?

Looking for 20 - 30 year amortization on rental properties as well as cash out refinancing.

Slow going, all the way.If you want to start "refinancing a rental property", buy better next time!

That lien (or even multiple purchase money liens) could be refinanced as soon as the rehab is done, no seasoning required because there is no cash out.

Also I am interested in forming a LLC to hold said property and learning about mortgages that are transferable to a LLC without refinancing through a commercial loan.

I am afraid of BOFA calling the existing note due with the transfer of ownership on the property before I can get the property refinanced.

@John Leavellei was thinking about all cash since i would be refinancing out later anyway. 

I suspect your vacancy rates will be higher based on section 8 C class property.You should not count on refinancing at 4% based on future expectations and would be safer anticipating rates at 6% or more.  

@Matt Hoyt Experts can weigh in here, but I believe according to Fannie Mae guideline, one is not eligible for cash out refinance if he or she has more than four financed properties (unless refinancing is done within 6 months of purchase date).