So, I would only recommend doing it when there are synergies to take advantage of such as the partner having a skill like HVAC, interior design, accounting, etc. 2.

If you're buying it shortly and THEN after you own it will it be ready and available for rent-the costs will be capitalized and accounted for with the basis of the property as well (when you eventually buy it). 

Thank you Eric.In addition to the rental properties, my wife and I have a paid off house, paid off car, and about $1.4m in retirement accounts, brokerages, and savings.We live in a HCOL area and our expenses are $9.5k per month even though we live pretty modestly.I set out initially to have real estate pay for at least some of my expenses in order to give me more freedom and financial security.Is your wife quitting too? 

Can I personally take that extra finance money tax free into my own name or personal bank account to do with what I please, or does the refinance money have to stay in that Llc company and I cant use it personally.

I'd hate for a temporary dip in the quality of the tenant pool to be giving my landlord "spidey sense" false alarms on account of taking an extra month or two to fill a unit.

In the meantime I would put the money in a low risk account gaining 4-5% which for $250k would be around $1k/month.Hey Chris - what is driving the sentiment not to buy anything right now?

The tenant pays a monthly premium and keeps an active bank account and credit card on file.

To be clear, I am not an accountant.  

I looked into your account,  and it is just as I suspected.

It’s like you bought the properties with a 30 year loan and are putting the rest in to a savings account.