Both of the members of the LLC we are hoping to do the cash out refinance for are also LLCs if that matters, so it would be distributed from one LLC to another LLC to hopefully the members pockets.Want to make sure that the money remains tax free the whole way and we don't have any surprises. 

Quote from @Pankaj Malik: I’m just really surprised that the tenant is not taking the option to break the lease break with a $ number offered (1 month rent plus reasonable amount for parts of house he wasn’t able to use) that is within a couple thousand dollars of what he wanted anyway. 

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

No surprise but property taxes (up another 16%), insurance and utilities are all bumping significantly.

These small conveniences can save you time and money in the long run.For rent collection, you can try Rent.app, which is easy for tenants to use and keeps everything streamlined.

Here’s the advice I wish someone had shared with me when I was 19:1.This journey won’t be easy.

On the positive side, since it is in a pretty decent location, it is fairly easy to keep these rented.

I would also advise doing your own inspection of the property to make sure that everything that they say is being done is actually completed and to code and that there shouldn't be any surprise maintenance costs at the beginning.  

Many of the investors that i work with find that when you find the right team to invest through this can be an easy and profitable way to invest.Best of luck. 

The behavior is a bit off, but not surprising for a mom & pop landlord.We tell our residents exactly what we need from them for the application.