EmoryYes- you want to separate the two investments and add the two values together for an offer price. 

We would like to split the homes and both have separate LLC’s moving forward.

.- One SFR had a tenant just move out, another is going through an eviction, so with half of the portfolio vacant, it's decision time.I'm trying to decide whether to sell them as a portfolio (at least the 3 Georgia ones as a portfolio, Iowa would probably have to be sold separately), or get the other 2 empty, fix them up and sell them all to retail homebuyers. 

Currently working on analyzing properties, with a goal of minimizing human emotion  and solely looking at the numbers to purchase positive cash flowing properties.  

You have 2 separate issues.

Roll it into the rent with a lease clause that anything over $X is split 50/50 between both tenants and you don't care who uses more water...In short, spend some money and make it a legal duplex or at least make it two separate units.

@Srinath GopinathanI don't have an exact answer for you - but would guess that it is because the the covenants and bylaws spell out what the separations are between what the HOA is responsible for, as well as what the condo owner is responsible for.  

In the course of talking with them, the son mentioned separately to both me and my fiancé that he lived with his mom, had done so for a while, and was planning to take the smaller bedroom.

You place the refi proceeds into a separate bank account and wire it to title from there.

So smart to keep the 10% in separate account for repairs and 5% for vacancies and I’ll tell them that but also let them know how I go about making sure attendant moves out a new one comes in.