I will not have a full time job until this comes, so I wont be able to show much income other than part time money flowing in, until I start this position.

The tenants have their own W/D so I can’t make money off that.

Always validate what you read online, things change, I could be wrong, but use this as a starting point in your research.What Is an ADU?

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. 

I'd recommend listening to this episode of BiggerPockets Money and then using the linked spreadsheet to help you decide https://www.biggerpockets.com/blog/money-572

So they would first payoff the first mortgage, if there is a second then $ goes to the second and if anything above that goes to any other lienholders or the homeowner.There are a lot of people who invest in 2nd mortgages because they are cheaper than a first, but in Ohio (not sure all counties) you have to pay off the first at foreclosure so if you do not have the money to pay off the first you are out of luck. 

There are mortgage recast calculators online or you can reach out to your lender.P+I payment will go from 2155 to ~1800 given the numbers you provided.

Just you own money?

Will they finance 100% of the purchase and renovation or will they want skin in the game (you putting money in).Most do not do 100% funding so beore going down more rabbit holes, make sure you have the $ aspect situated first.

Nobody likes being left in the dark when you’ve got money and time on the line!