Im going to fund this flip with money i got through refinancing the first rental im excited for this opportunity to share my experience with you all and i know i will learn alot from talking with the people in this community thank you

I have a rental unit located in DE currently owned by me personally. Two things i want to do, 1: refinance the property 2: transfer the title to the LLC. My question is what is the best way to do this, refinance first...

Is it possible to get a hard money loan and have it refinanced to a traditional mortgage if I did not buy the property?

We refinanced the loan she has been paying off to get the equity out and will be using the proceeds for the downpayment and rehab of (her) house. 

And appraisal will matter for refinancing, but not for initial purchase on paying PMI.

If it isn't performing well enough to get you to your goals, it's definitely worth considering selling or refinancing it.  

The reason why this works is because instead of you needing cash or receiving a cash out loan, we are now refinancing a loan – your loan.

A friend recommended a local finance company that appraised my home at 185k and is in the process of refinancing for 140k. 

You will have a very hard time refinancing with banks and finding good tenants.

Most assuredly you will not be getting 100% on a Cash-back Refinanced Loan.