It was mentioned above you could refinance into a conventional loan, however with the 5% down conventional primary residence loan on multifamily now chances are you won't refinance this FHA loan unless you plan on living there for an extended period of time and rates come down. 

I think LLCs are over rated unless you have to hold the property in one for financing like most DSCR lenders will require.

Hi @Joy McQueary - you can find a breakdown of rental rate increases by state online, and here's where to find a list of the hottest multi-family markets.

I dont know for sure when rates will come down so i can refi. 

These are reported on your Schedule K-1 and taxed at your marginal tax rate.

Drop your meet-up information in this thread!

I would potnetially even suggest they pay a big more than value if they are getting that good of a payment/rate.

So I’d call it a wash.That puts the cap rate in the 9 range.  

Choosing the wrong 1031 Exchange Qualified Intermediary to administer your 1031 Exchange could be a very expensive mistake due to the Qualified Intermediary's critical fiduciary responsibilities and obligations through out your 1031 Exchange transaction.You may focus all too often on issues such as size of the Qualified Intermediary, 1031 Exchange fees, interest rates paid, turn around times, branch office locations, and the like, when interviewing potential 1031 Exchange Qualified Intermediaries.

If you already have a super low rate a cash-out ReFi doesn't help.