As for the refinance aspect, if you're going from LLC to individual (or vice versa), at my shop you would just transfer title into (or out of) your LLC at the close of escrow, so that part is no biggie.

I would also check rents, do some mystery shopping and see if your expectation is correct.

Try looking into zillow/Redfin and see what your potential rents you can get near the neighborhood by filtering the bedrooms/bathrooms of the intentional property that you are planning to buy.

The Mello Roos are something to look out for but I will say that the neighborhoods with Mello Roos are generally nicer than those without, so I wouldn't discount them just because of it.

But sometimes I take it to a shop and have them handle it.  

Are the neighborhoods deteriorating? 

That would be a steal for a brick fourplex in many Mpls neighborhoods and a ripoff in some of the neighborhoods I’ve been through.

As a realtor who just read everything you and everybody else had to say; my suggestion is that you list the tax exempt home at a price slightly above market value.I say this because though the money would be nice to take some pressure off, it seems like making a little more money in a hopefully & currently less competitive neighborhood would be the icing on the cake to make it all worth the considerations.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Try looking into zillow/Redfin and see what your potential rents you can get near the neighborhood by filtering the bedrooms/bathrooms of the intentional property that you are planning to buy.