We recently put the house under an LLC but are not sure if the lease should reflect the LLC as the landlord or keep our names.

I have three LTRs (in TX) owned by a TX Series LLC.

@Vidit Maini Starting your business as an LLC taxed as a C corporation offers flexibility but involves double taxation unless you elect S corp status, allowing profits to pass through to your personal return.For tax savings, deduct startup costs, track business mileage or vehicle expenses, and consider a home office deduction.

A few reasons I choose to bank with them:-Very easy to set up business bank accounts under my LLCs-Option to create virtual accounts under each LLC.

And for a cash out refi in an LLC what is current rate?

I have a pretty straight forward return with a W-2 and a K-1 from an LLC. 

A FHA 203k Loan is where the purchase price and rehab costs are rolled into a single loan.Assuming you have a respectable FICO you can buy, with a FHA Loan (3-5% down, a 30 year amortization schedule, and a residential loan rate) AND because you closed personally, you will not have Asset Protection, in the form of closing in the name of a LLC/ LLC taxed as an S Corp, or an S Corp.

(120k total)2nd house we are making a profit of 120k but this  "profit" would literally pay us back for our initial investments into our LLC together we used on the first house ...anyone have any idea how the gov.

While formerly the limited partnership organizational structure was used, its now mostly an LLC structure being utilized.  

To structure a partnership, consider forming an LLC where you handle property management, renovations, and operations, while the investor provides the down payment.