I am currently renovating it and we plan to when i am done to transfer the property to my buisness name. what would be the best route to go.  

My question is, do I just not touch the first property, use the cash flow to reinvest and pay down the mortgage or save up for a downpayment down the road OR do I pull cash out of the first property to buy the next property?

Any advice on how to navigate this while keeping the deal intact or potential transfer of partners would be greatly appreciated!

My father and I just paid cash for a little less than a 2 acre lot in Summersville, WV.

What you have calculated is not cash on cash return.   

It is typically lower than cash-on-cash and you can put it somewhere around 6% conservatively.

The third property has a nice cash flow.I am wondering if there are steps I can take to reduce the cashflow issues of the 2 properties before obtaining another property, like pay down the mortgages or should I just save the cashflow from the third property to pay for any future expenses?

Fannie mae allows you to transfer your loan into an LLC, but it is recommended that you speak to your loan servicer and ask that if they themselves will allow you to do so.

Here's a guide that describes what good cash flow looks like and how to analyze a property.https://www.biggerpockets.com/blog/rental-property-cash-flow...

Hi Lenders, currently in the market for a cash flow management tool to help organize payoffs and broker commissions to get a better understanding of how many more loans I can fund on a given month.