As long as you have have enough equity in the deal (20-25%) you could do a rate & term refinance and payoff the seller financed mortgage to get a new loan.

I have a mortgage in my personal name, but setup an LLC that I plan to deed the property to and manage the rentals with. 

Personally I wouldn't invest in these in today's market as you can get higher rates of return elsewhere like mortgage notes that are even more passive and have no capital calls. 

Does have an assumable VA mortgage (per the listing). https://www.redfin.com/TX/Dallas/4512-Sycamore-St-75204/home...

If you rent out the entire unit, you might not be able to cover more than 70% of your total monthly payments (mortgage + HOA + property taxes).

We try to keep good tenants for long term, an dhave several 30 year tenants and a 24 year tenant and average 12.5 years over the portfolio of existing properties.

They exist for a reason.

My mortgage pre-approval is $350k.

I know I can reach out to some mortgage brokers to connect me with a private lender for most of the mortgage and then I would just need another lender to supply the down payment and renovation money.

*Short sales don't exist today. 2016?